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

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

Analyst Ratings Changes

GOGL has been the topic of a number of analyst reports. Jefferies Financial Group downgraded Golden Ocean Group from a “buy” rating to a “hold” rating and set a $15.50 price target on the stock. in a report on Wednesday, May 22nd. StockNews.com downgraded Golden Ocean Group from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th.

Golden Ocean Group Stock Performance

NASDAQ GOGL opened at $12.17 on Wednesday. The stock has a 50-day simple moving average of $12.87 and a two-hundred day simple moving average of $13.08. The firm has a market capitalization of $2.43 billion, a P/E ratio of 13.09 and a beta of 1.16. Golden Ocean Group has a fifty-two week low of $6.89 and a fifty-two week high of $15.77. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.25 and a current ratio of 1.25.

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, beating the consensus estimate of $0.23 by $0.06. Golden Ocean Group had a return on equity of 8.67% and a net margin of 19.92%. The firm had revenue of $196.70 million during the quarter. On average, equities analysts forecast that Golden Ocean Group will post 1.43 earnings per share for the current year.

Hedge Funds Weigh In On Golden Ocean Group

Institutional investors and hedge funds have recently modified their holdings of the business. VisionPoint Advisory Group LLC purchased a new position in shares of Golden Ocean Group in the 4th quarter valued at about $41,000. Nisa Investment Advisors LLC increased its stake in shares of Golden Ocean Group by 1,720.1% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,804 shares of the shipping company’s stock valued at $52,000 after purchasing an additional 3,595 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Golden Ocean Group by 2,319.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 9,170 shares of the shipping company’s stock worth $127,000 after buying an additional 8,791 shares in the last quarter. Fifth Lane Capital LP purchased a new stake in Golden Ocean Group during the 1st quarter worth approximately $137,000. Finally, Lazard Asset Management LLC purchased a new stake in Golden Ocean Group during the 1st quarter worth approximately $149,000. Hedge funds and other institutional investors own 22.00% of the company’s stock.

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.