Performance Shipping (NASDAQ:PSHG) Stock Jumps 0.6% – Here’s Why

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

Wall Street Analyst Weigh In

Separately, Weiss Ratings downgraded shares of Performance Shipping from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday. One equities research analyst has rated the stock with a Sell rating. Based on data from MarketBeat, the stock has a consensus rating of “Sell”.

Performance Shipping Trading Down 5.0%

The stock has a fifty day moving average of $1.73 and a 200 day moving average of $1.76. The company has a debt-to-equity ratio of 0.84, a quick ratio of 3.85 and a current ratio of 3.91. The company has a market capitalization of $19.02 million, a PE ratio of 1.66 and a beta of -0.07.

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

Hedge Funds Weigh In On Performance Shipping

A hedge fund recently bought a new stake in Performance Shipping stock. NewEdge Advisors LLC acquired a new stake in shares of Performance Shipping Inc. (NASDAQ:PSHG) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 122,789 shares of the company’s stock, valued at approximately $226,000. NewEdge Advisors LLC owned approximately 0.99% of Performance Shipping as of its most recent SEC filing. Institutional investors own 19.90% of the company’s stock.

Performance Shipping Company Profile

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.