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

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

Wall Street Analysts Forecast Growth

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

Performance Shipping Price Performance

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

Performance Shipping (NASDAQ:PSHG) last announced its quarterly earnings results on Tuesday, May 26th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.22 by $0.04. The business had revenue of $33.77 million for the quarter, compared to analyst estimates of $31.48 million. Performance Shipping had a return on equity of 9.57% and a net margin of 31.85%.

Institutional Investors Weigh In On Performance Shipping

Institutional investors have recently modified their holdings of the company. Citadel Advisors LLC purchased a new stake in shares of Performance Shipping during the 3rd quarter worth approximately $209,000. NewEdge Advisors LLC purchased a new stake in shares of Performance Shipping during the 1st quarter worth approximately $226,000. Finally, Renaissance Technologies LLC boosted its stake in shares of Performance Shipping by 11.3% during the 1st quarter. Renaissance Technologies LLC now owns 211,413 shares of the company’s stock worth $389,000 after acquiring an additional 21,465 shares in the last quarter. Hedge funds and other institutional investors 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.