Performance Shipping (NASDAQ:PSHG) Shares Down 3.4% – Here’s Why

Performance Shipping Inc. (NASDAQ:PSHG) fell 3.4% on Thursday . The company traded as low as $2.26 and last traded at $2.26. 145,174 shares were traded during mid-day trading, a decline of 24% from the average session volume of 191,858 shares. The stock had previously closed at $2.34.

Analyst Ratings Changes

A number of research analysts have recently commented on PSHG shares. Weiss Ratings reissued a “hold (c)” rating on shares of Performance Shipping in a research report on Monday, December 29th. Wall Street Zen raised shares of Performance Shipping to a “hold” rating in a research note on Saturday, December 13th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold”.

Performance Shipping Trading Down 3.4%

The company has a current ratio of 7.40, a quick ratio of 7.35 and a debt-to-equity ratio of 0.69. The business has a 50 day simple moving average of $2.13 and a two-hundred day simple moving average of $2.08. The stock has a market cap of $28.09 million, a price-to-earnings ratio of 1.77 and a beta of -0.33.

Performance Shipping (NASDAQ:PSHG) last announced its earnings results 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. Performance Shipping had a return on equity of 15.90% and a net margin of 59.37%.The company had revenue of $26.16 million for the quarter, compared to analyst estimates of $23.57 million.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Performance Shipping stock. Citadel Advisors LLC bought a new position in Performance Shipping Inc. (NASDAQ:PSHG) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 110,439 shares of the company’s stock, valued at approximately $209,000. Citadel Advisors LLC owned about 0.89% of Performance Shipping as of its most recent filing with the Securities and Exchange Commission. 19.90% of the stock is owned by 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.