Short Interest in Performance Shipping Inc. (NASDAQ:PSHG) Drops By 62.8%

Performance Shipping Inc. (NASDAQ:PSHGGet Rating) saw a significant drop in short interest during the month of May. As of May 15th, there was short interest totalling 13,300 shares, a drop of 62.8% from the April 30th total of 35,800 shares. Currently, 0.6% of the company’s shares are sold short. Based on an average trading volume of 51,400 shares, the days-to-cover ratio is presently 0.3 days.

PSHG has been the subject of several recent analyst reports. HC Wainwright cut their target price on Performance Shipping from $11.00 to $6.00 in a research note on Wednesday, March 2nd. Zacks Investment Research raised Performance Shipping from a “sell” rating to a “hold” rating in a research note on Wednesday, May 4th.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Shields Capital Management LLC boosted its position in shares of Performance Shipping by 100.0% during the first quarter. Wellington Shields Capital Management LLC now owns 20,000 shares of the company’s stock worth $60,000 after buying an additional 10,000 shares during the period. Citadel Advisors LLC purchased a new position in shares of Performance Shipping during the fourth quarter worth $79,000. Finally, Ruffer LLP boosted its position in shares of Performance Shipping by 201.6% during the fourth quarter. Ruffer LLP now owns 105,572 shares of the company’s stock worth $405,000 after buying an additional 70,572 shares during the period. Institutional investors and hedge funds own 4.63% of the company’s stock.

PSHG stock opened at $1.93 on Thursday. The business has a fifty day moving average of $2.75 and a two-hundred day moving average of $3.42. The company has a quick ratio of 1.00, a current ratio of 1.28 and a debt-to-equity ratio of 0.48. The stock has a market cap of $9.78 million, a price-to-earnings ratio of -0.99 and a beta of 0.09. Performance Shipping has a 52-week low of $1.83 and a 52-week high of $6.14.

Performance Shipping (NASDAQ:PSHGGet Rating) last released its quarterly earnings results on Friday, February 25th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.39) by ($0.02). Performance Shipping had a negative return on equity of 10.67% and a negative net margin of 26.60%. The firm had revenue of $5.50 million for the quarter, compared to analysts’ expectations of $5.10 million. As a group, sell-side analysts anticipate that Performance Shipping will post -0.07 EPS for the current year.

About Performance Shipping (Get Rating)

Performance Shipping Inc, through its subsidiaries, provides shipping transportation services through its ownership of tanker vessels worldwide. It owned and operated five Aframax tanker vessels with a combined carrying capacity of 546,094 dwt. The company was incorporated in 2010 and is based in Athens, Greece.

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