Golden Ocean Group Limited (NASDAQ:GOGL) was the target of a large increase in short interest in the month of July. As of July 14th, there was short interest totalling 1,131,860 shares, an increase of 36.3% from the June 30th total of 830,525 shares. Approximately 1.7% of the shares of the company are short sold. Based on an average daily trading volume, of 267,682 shares, the short-interest ratio is presently 4.2 days.
Several analysts recently issued reports on GOGL shares. J P Morgan Chase & Co raised shares of Golden Ocean Group Limited from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $6.00 to $14.00 in a report on Friday, April 7th. Zacks Investment Research downgraded shares of Golden Ocean Group Limited from a “buy” rating to a “hold” rating in a report on Thursday, May 25th. DNB Markets raised shares of Golden Ocean Group Limited from a “hold” rating to a “buy” rating in a report on Thursday, April 6th. BidaskClub raised shares of Golden Ocean Group Limited from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Finally, Seaport Global Securities started coverage on shares of Golden Ocean Group Limited in a report on Tuesday, June 13th. They set a “buy” rating and a $10.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $8.75.
Several institutional investors have recently added to or reduced their stakes in GOGL. Folketrygdfondet increased its position in Golden Ocean Group Limited by 88.8% in the first quarter. Folketrygdfondet now owns 6,331,522 shares of the shipping company’s stock valued at $48,436,000 after buying an additional 2,978,808 shares in the last quarter. Renaissance Technologies LLC increased its position in Golden Ocean Group Limited by 547.0% in the first quarter. Renaissance Technologies LLC now owns 1,189,110 shares of the shipping company’s stock valued at $9,092,000 after buying an additional 1,005,310 shares in the last quarter. Credit Suisse AG increased its position in Golden Ocean Group Limited by 1,270.4% in the first quarter. Credit Suisse AG now owns 848,076 shares of the shipping company’s stock valued at $6,488,000 after buying an additional 786,192 shares in the last quarter. EAM Investors LLC bought a new position in Golden Ocean Group Limited during the first quarter valued at approximately $4,081,000. Finally, CarVal Investors LLC bought a new position in Golden Ocean Group Limited during the first quarter valued at approximately $4,075,000. Hedge funds and other institutional investors own 12.22% of the company’s stock.
Shares of Golden Ocean Group Limited (NASDAQ:GOGL) opened at 7.19 on Tuesday. The company’s market capitalization is $896.39 million. Golden Ocean Group Limited has a one year low of $3.36 and a one year high of $9.05. The firm has a 50-day moving average of $6.57 and a 200-day moving average of $6.66.
Golden Ocean Group Limited (NASDAQ:GOGL) last released its quarterly earnings data on Wednesday, May 24th. The shipping company reported ($0.17) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by $0.03. Golden Ocean Group Limited had a negative net margin of 26.08% and a negative return on equity of 5.71%. The company had revenue of $83.82 million during the quarter, compared to analyst estimates of $58.80 million. Equities research analysts expect that Golden Ocean Group Limited will post ($0.36) EPS for the current fiscal year.
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About Golden Ocean Group Limited
Golden Ocean Group Limited, formerly Knightsbridge Shipping Limited, is an international dry bulk shipping company. The Company is engaged in the transportation of dry bulk cargoes. It owns and operates a fleet of dry bulk carrier vessels, focusing on the Capesize, Panamax and Supramax markets. Its vessels transport a range of major and minor bulk commodities, including ores, coal, grains and fertilizers.
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