Performance Shipping (NASDAQ:PSHG) Stock Jumps 0.6% – Still a Buy?

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

Analyst Ratings Changes

Separately, Weiss Ratings upgraded shares of Performance Shipping from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, August 20th. One equities research analyst has rated the stock with a Hold rating. According to MarketBeat.com, Performance Shipping has an average rating of “Hold”.

Performance Shipping Trading Up 0.6%

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

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 analysts’ consensus estimates 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 Trading of Performance Shipping

A hedge fund recently bought a new stake in Performance Shipping stock. NewEdge Advisors LLC bought a new stake in shares of Performance Shipping Inc. (NASDAQ:PSHG) during the 1st quarter, according to its most recent filing with the SEC. The fund bought 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 filing with the SEC. 19.90% of the stock is currently owned by hedge funds and other institutional investors.

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.