Performance Shipping (NASDAQ:PSHG) Trading 0.6% Higher – Here’s What Happened

Performance Shipping Inc. (NASDAQ:PSHG) shares traded up 0.6% on Tuesday . The stock traded as high as $1.79 and last traded at $1.78. 30,651 shares traded hands during mid-day trading, a decline of 52% from the average session volume of 63,323 shares. The stock had previously closed at $1.77.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings lowered Performance Shipping from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, May 4th. One analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has an average rating of “Hold”.

Performance Shipping Trading Up 0.6%

The company has a debt-to-equity ratio of 0.65, a quick ratio of 2.18 and a current ratio of 2.22. The company has a 50-day simple moving average of $1.97 and a 200 day simple moving average of $2.08. The company has a market capitalization of $22.13 million, a P/E ratio of 1.39 and a beta of -0.11.

Performance Shipping (NASDAQ:PSHG) last released its quarterly earnings data on Wednesday, March 4th. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.02. The business had revenue of $26.16 million for the quarter, compared to analysts’ expectations of $23.57 million. Performance Shipping had a return on equity of 15.90% and a net margin of 59.37%.

Institutional Trading of Performance Shipping

An institutional investor recently raised its position in Performance Shipping stock. Renaissance Technologies LLC increased its position in shares of Performance Shipping Inc. (NASDAQ:PSHG) by 39.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 189,948 shares of the company’s stock after purchasing an additional 53,248 shares during the period. Renaissance Technologies LLC owned about 1.53% of Performance Shipping worth $405,000 at the end of the most recent reporting period. 19.90% of the stock is currently owned by hedge funds and other institutional investors.

Performance Shipping Company Profile

Performance Shipping Inc, incorporated in the Republic of the Marshall Islands and trading on NASDAQ under the ticker PSHG, is a publicly listed dry bulk shipping company. The company owns and operates a modern fleet of Supramax and Ultramax vessels, which are well-suited for the seaborne transportation of a wide range of dry bulk commodities. Performance Shipping’s vessels carry cargoes such as grains, coal, iron ore, steel products and fertilizer under medium‐ to long‐term time charter agreements with a diverse set of global charterers.

Since completing its initial public offering in late 2014, Performance Shipping has focused on disciplined growth through vessel acquisitions and the renewal of charter contracts to maintain steady cash flows.