Performance Shipping Inc. [PSHG] moved down -57.07: Why It’s Important


Performance Shipping Inc. [NASDAQ: PSHG] traded at a low on 07/18/22, posting a -57.07 loss after which it closed the day’ session at $0.23. The company report on July 18, 2022 that Performance Shipping Inc. Announces Pricing of $5.95 Million Registered Direct Offering and Concurrent Private Placement.

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Performance Shipping Inc. (NASDAQ: PSHG) (“we or the “Company), a global shipping company specializing in the ownership of tanker vessels, announced today that it has entered into a securities purchase agreement (the “Agreement) with several institutional investors to purchase approximately $5.95 million of its common shares in a registered direct offering and warrants to purchase common shares in a concurrent private placement. The combined effective purchase price for one common share and one warrant to purchase one common share will be $0.35.

Under the terms of the Agreement, the Company has agreed to sell 17,000,000 common shares. In a private placement, which will be consummated concurrently with the registered offering, the Company has also agreed to issue warrants to purchase up to an aggregate of 17,000,000 common shares. The warrants will be immediately exercisable, will expire five and a half years from the date of issuance and will have an initial exercise price of $0.35 per common share.

The results of the trading session contributed to over 20748483 shares changing hands. Over the past one week, the price volatility of Performance Shipping Inc. stands at 41.18% while the volatility over the past one month is 19.20%.

The market cap for PSHG stock reached $0.64 million, with 3.35 million shares outstanding and 2.51 million shares in the current float. Compared to the average trading volume of 1.10M shares, PSHG reached a trading volume of 20748483 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Performance Shipping Inc. [PSHG]?

H.C. Wainwright have made an estimate for Performance Shipping Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on March 29, 2021.

The Average True Range (ATR) for Performance Shipping Inc. is set at 0.10, with the Price to Sales ratio for PSHG stock in the period of the last 12 months amounting to 0.02. The Price to Book ratio for the last quarter was 0.01, with the Price to Cash per share for the same quarter was set at 2.99.

How has PSHG stock performed recently?

Performance Shipping Inc. [PSHG] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -61.77. With this latest performance, PSHG shares dropped by -65.96% in over the last four-week period, additionally sinking by -92.79% over the last 6 months – not to mention a drop of -95.11% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PSHG stock in for the last two-week period is set at 17.80, with the RSI for the last a single of trading hit 11.18, and the three-weeks RSI is set at 22.98 for Performance Shipping Inc. [PSHG]. The present Moving Average for the last 50 days of trading for this stock 1.2331, while it was recorded at 0.4881 for the last single week of trading, and 3.2187 for the last 200 days.

Earnings analysis for Performance Shipping Inc. [PSHG]

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for PSHG. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Performance Shipping Inc. go to 10.00%.

Insider trade positions for Performance Shipping Inc. [PSHG]

There are presently around $0 million, or 8.80% of PSHG stock, in the hands of institutional investors. The top three institutional holders of PSHG stocks are: RUFFER LLP with ownership of 105,572, which is approximately 0% of the company’s market cap and around 10.44% of the total institutional ownership; RENAISSANCE TECHNOLOGIES LLC, holding 51,134 shares of the stock with an approximate value of $28000.0 in PSHG stocks shares; and GEODE CAPITAL MANAGEMENT, LLC, currently with $22000.0 in PSHG stock with ownership of nearly 0% of the company’s market capitalization.

Positions in Performance Shipping Inc. stocks held by institutional investors increased at the end of July and at the time of the July reporting period, where 3 institutional holders increased their position in Performance Shipping Inc. [NASDAQ:PSHG] by around 34,794 shares. Additionally, 2 investors decreased positions by around 26,171 shares, while 4 investors held positions by with 183,000 shares. The mentioned changes placed institutional holdings at 243,965 shares, according to the latest SEC report filing. PSHG stock had 2 new institutional investments in for a total of 24,794 shares, while 1 institutional investors sold positions of 21,371 shares during the same period.