Performance Shipping (NASDAQ:PSHG) Shares Down 5.9% – Here’s What Happened

Performance Shipping Inc. (NASDAQ:PSHG) shares fell 5.9% during trading on Wednesday . The company traded as low as $1.68 and last traded at $1.6850. 130,263 shares traded hands during trading, an increase of 112% from the average session volume of 61,374 shares. The stock had previously closed at $1.79.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded Performance Shipping from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, June 1st. One research analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of “Hold”.

Performance Shipping Price Performance

The stock has a 50-day moving average price of $1.80 and a 200 day moving average price of $2.02. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.22 and a quick ratio of 2.18. The firm has a market cap of $20.94 million, a price-to-earnings ratio of 2.16 and a beta of -0.12.

Performance Shipping (NASDAQ:PSHG) last issued its quarterly earnings results on Tuesday, May 26th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.04. The firm had revenue of $33.77 million for the quarter, compared to analysts’ expectations of $31.48 million. Performance Shipping had a return on equity of 9.57% and a net margin of 31.85%.

Hedge Funds Weigh In On Performance Shipping

Several institutional investors have recently added to or reduced their stakes in PSHG. Citadel Advisors LLC acquired a new position in Performance Shipping in the 3rd quarter valued at about $209,000. NewEdge Advisors LLC purchased a new stake in Performance Shipping in the 1st quarter valued at approximately $226,000. Finally, Renaissance Technologies LLC boosted its holdings in Performance Shipping by 11.3% in the 1st quarter. Renaissance Technologies LLC now owns 211,413 shares of the company’s stock valued at $389,000 after purchasing an additional 21,465 shares in the last quarter. Institutional investors and hedge funds own 19.90% of the company’s stock.

About Performance Shipping

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.