H.C. Wainwright slashes price target on Performance Shipping Inc. [PSHG] – find out why.

Performance Shipping Inc. [NASDAQ: PSHG] loss -44.88% or -0.28 points to close at $0.34 with a heavy trading volume of 57686402 shares. The company report on August 12, 2022 that Performance Shipping Inc. Announces Pricing of $15 Million Registered Direct Offering.


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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 33,333,333 of its common shares and warrants to purchase 33,333,333 common shares at a purchase price of $0.45 per common share and accompanying warrant in a registered direct offering (the “Offering”). The warrants will be immediately exercisable, will expire five years from the date of issuance, and will have an initial exercise price of $0.45 per common share. The gross proceeds to the Company from the Offering are estimated to be approximately $15.0 million before deducting the placement agent’s fees and other Offering expenses.

Maxim Group LLC is acting as the sole placement agent in connection with the Offering. The Offering is expected to close on or about August 16, 2022, subject to the satisfaction of customary closing conditions.

It opened the trading session at $0.3263, the shares rose to $0.3589 and dropped to $0.2895, the range by which the price of stock traded the whole day. The daily chart for PSHG points out that the company has recorded -88.70% loss over the past six months. However, it is still -54.55% lower than its most recent low trading price.

If we look at the average trading volume of 3.84M shares, PSHG reached to a volume of 57686402 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying 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 0.46. 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 0.16.

Trading performance analysis for PSHG stock

Performance Shipping Inc. [PSHG] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.45. With this latest performance, PSHG shares dropped by -37.74% in over the last four-week period, additionally sinking by -88.70% over the last 6 months – not to mention a drop of -92.58% 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 42.59, with the RSI for the last a single of trading hit 44.22, and the three-weeks RSI is set at 39.62 for Performance Shipping Inc. [PSHG]. The present Moving Average for the last 50 days of trading for this stock 0.5190, while it was recorded at 0.4460 for the last single week of trading, and 2.7149 for the last 200 days.

Performance Shipping Inc. [PSHG]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Performance Shipping Inc. [PSHG] shares currently have an operating margin of -23.10 and a Gross Margin at -6.82. Performance Shipping Inc.’s Net Margin is presently recorded at -27.69.

Return on Equity for this stock declined to -10.98, with Return on Assets sitting at -6.68.

Performance Shipping Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.00 and a Current Ratio set at 1.10.

Performance Shipping Inc. [PSHG]: An earnings per share (EPS) analysis

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%.

An analysis of insider ownership at Performance Shipping Inc. [PSHG]

There are presently around $0 million, or 1.30% of PSHG stock, in the hands of institutional investors. The top three institutional holders of PSHG stocks are: ACADIAN ASSET MANAGEMENT LLC with ownership of 149,456, which is approximately New of the company’s market cap and around 11.63% of the total institutional ownership; WARBERG ASSET MANAGEMENT LLC, holding 45,000 shares of the stock with an approximate value of $15000.0 in PSHG stocks shares; and RENAISSANCE TECHNOLOGIES LLC, currently with $15000.0 in PSHG stock with ownership of nearly -13.298% of the company’s market capitalization.

Positions in Performance Shipping Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 8 institutional holders increased their position in Performance Shipping Inc. [NASDAQ:PSHG] by around 281,577 shares. Additionally, 4 investors decreased positions by around 133,843 shares, while 2 investors held positions by with 27,144 shares. The mentioned changes placed institutional holdings at 388,276 shares, according to the latest SEC report filing. PSHG stock had 7 new institutional investments in for a total of 280,577 shares, while 2 institutional investors sold positions of 126,943 shares during the same period.

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