Performance Shipping (NASDAQ:PSHG) Shares Climb 0.6% – What’s Next?

Performance Shipping Inc. (NASDAQ:PSHG)’s stock price shot up 0.6% during mid-day trading on Wednesday. The company traded as high as $1.64 and last traded at $1.63. Approximately 44,286 shares traded hands during mid-day trading, a decline of 35% from the average daily volume of 68,513 shares. The stock had previously closed at $1.62.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded Performance Shipping from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, August 20th. One investment analyst has rated the stock with a Hold rating. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold”.

Performance Shipping Stock Up 0.6%

The company has a debt-to-equity ratio of 0.84, a current ratio of 3.91 and a quick ratio of 3.85. The firm’s 50 day moving average is $1.73 and its two-hundred day moving average is $1.76. The firm has a market capitalization of $20.26 million, a P/E ratio of 1.77 and a beta of -0.07.

Performance Shipping (NASDAQ:PSHG) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.15). The company had revenue of $34.66 million during the quarter, compared to the consensus estimate of $32.34 million. Performance Shipping had a net margin of 29.70% and a return on equity of 10.21%.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Performance Shipping stock. Renaissance Technologies LLC increased its holdings in shares of Performance Shipping Inc. (NASDAQ:PSHG) by 11.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 211,413 shares of the company’s stock after buying an additional 21,465 shares during the quarter. Renaissance Technologies LLC owned 1.70% of Performance Shipping worth $389,000 at the end of the most recent reporting period. 19.90% of the stock is owned by institutional investors.

About Performance Shipping

Performance Shipping Inc is a maritime transportation company that owns and operates oceangoing tanker vessels. The company primarily provides seaborne transportation for crude oil and refined petroleum products to energy companies, commodity traders, and other customers worldwide.

Its fleet consists of tanker vessels that are employed under voyage charters, time charters, or other commercial arrangements, depending on market conditions and customer requirements. Through these vessels, Performance Shipping supports the global movement of energy commodities between major production, refining, and consumption regions.

Performance Shipping was established in 2010 and is incorporated in the Marshall Islands, with management operations based in Greece.