Performance Shipping Inc. [NASDAQ: PSHG] price plunged by -1.83 percent to reach at -$0.01. The company report on August 24, 2022 that Performance Shipping Inc. Announces Agreement to Acquire Seventh Vessel; Its First LR2 Aframax Oil Product Tanker.
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Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to purchase a 105,304 dwt LR2 Aframax oil product tanker, the M/T Alpine Amalia, to be renamed M/T P. Aliki, built in 2010 by Hyundai Heavy Industries Co., Ltd. – Ulsan, South Korea, from an unaffiliated third party for a gross purchase price of US$36.5 million. The vessel, which is expected to be delivered to the Company in November 2022, is fitted with a ballast water treatment system (BWTS) and Exhaust Gas Cleaning System (EGCS), and its next scheduled special survey and drydock is not due until 2025.
The Company expects to finance the acquisition with cash-on-hand raised from its recent equity offerings and the incurrence of debt through a new senior secured facility that it anticipates it will enter into prior to the delivery of the vessel.
A sum of 4714506 shares traded at recent session while its average daily volume was at 6.64M shares. Performance Shipping Inc. shares reached a high of $0.3148 and dropped to a low of $0.294 until finishing in the latest session at $0.30.
The average equity rating for PSHG stock is currently 2.00, trading closer to a bullish pattern in the stock market.
Guru’s Opinion on 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 0.06, with the Price to Sales ratio for PSHG stock in the period of the last 12 months amounting to 0.22. 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 0.31.
PSHG Stock Performance Analysis:
Performance Shipping Inc. [PSHG] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -9.09. With this latest performance, PSHG shares gained by 9.09% in over the last four-week period, additionally sinking by -91.30% over the last 6 months – not to mention a drop of -93.76% 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 42.01, with the RSI for the last a single of trading hit 42.68, and the three-weeks RSI is set at 39.79 for Performance Shipping Inc. [PSHG]. The present Moving Average for the last 50 days of trading for this stock 0.4358, while it was recorded at 0.3064 for the last single week of trading, and 2.4418 for the last 200 days.
Insight into Performance Shipping Inc. Fundamentals:
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.
PSHG Stock EPS
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%.
Performance Shipping Inc. [PSHG] Insider Position Details
There are presently around $0 million, or 1.70% 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 $14000.0 in PSHG stocks shares; and RENAISSANCE TECHNOLOGIES LLC, currently with $13000.0 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 11 institutional holders increased their position in Performance Shipping Inc. [NASDAQ:PSHG] by around 353,906 shares. Additionally, 4 investors decreased positions by around 124,468 shares, while 2 investors held positions by with 17,769 shares. The mentioned changes placed institutional holdings at 460,605 shares, according to the latest SEC report filing. PSHG stock had 10 new institutional investments in for a total of 352,906 shares, while 2 institutional investors sold positions of 117,568 shares during the same period.