Golden Ocean Group Limited (NASDAQ:GOGL) Short Interest Down 7.4% in July

Golden Ocean Group Limited (NASDAQ:GOGL) saw a large decline in short interest in the month of July. As of July 31st, there was short interest totalling 3,400,000 shares, a decline of 7.4% from the July 15th total of 3,670,000 shares. Based on an average daily trading volume, of 1,550,000 shares, the short-interest ratio is presently 2.2 days. Approximately 2.9% of the company’s shares are short sold.

Golden Ocean Group Stock Up 0.1 %

Shares of Golden Ocean Group stock opened at $12.17 on Wednesday. The company has a fifty day moving average price of $12.87 and a 200 day moving average price of $13.08. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.68. Golden Ocean Group has a twelve month low of $6.89 and a twelve month high of $15.77. The stock has a market cap of $2.43 billion, a price-to-earnings ratio of 13.09 and a beta of 1.16.

Golden Ocean Group (NASDAQ:GOGL) last announced its quarterly earnings results on Wednesday, May 22nd. The shipping company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.06. Golden Ocean Group had a net margin of 19.92% and a return on equity of 8.67%. The firm had revenue of $196.70 million during the quarter. Equities research analysts forecast that Golden Ocean Group will post 1.43 earnings per share for the current fiscal year.

Institutional Trading of Golden Ocean Group

A number of institutional investors have recently added to or reduced their stakes in GOGL. Mirae Asset Global Investments Co. Ltd. boosted its position in Golden Ocean Group by 9.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 55,409 shares of the shipping company’s stock worth $541,000 after purchasing an additional 4,649 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Golden Ocean Group by 18.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 34,880 shares of the shipping company’s stock valued at $340,000 after buying an additional 5,420 shares during the last quarter. Russell Investments Group Ltd. boosted its position in Golden Ocean Group by 184.9% in the 4th quarter. Russell Investments Group Ltd. now owns 108,374 shares of the shipping company’s stock valued at $1,058,000 after buying an additional 70,341 shares during the last quarter. SummerHaven Investment Management LLC boosted its position in Golden Ocean Group by 1.3% in the 4th quarter. SummerHaven Investment Management LLC now owns 93,662 shares of the shipping company’s stock valued at $914,000 after buying an additional 1,192 shares during the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in Golden Ocean Group in the 4th quarter valued at about $488,000. 22.00% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Jefferies Financial Group cut shares of Golden Ocean Group from a “buy” rating to a “hold” rating and set a $15.50 price objective for the company. in a research note on Wednesday, May 22nd. StockNews.com cut shares of Golden Ocean Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th.

About Golden Ocean Group

Golden Ocean Group Limited, a shipping company, owns and operates a fleet of dry bulk vessels worldwide. The company's dry bulk vessels comprise Newcastlemax, Capesize, and Panamax vessels operating in the spot and time charter markets. It also transports a range of bulk commodities, including ores, coal, grains, and fertilizers.