Golden Ocean Group Ltd (NASDAQ:GOGL) Sees Large Growth in Short Interest

Golden Ocean Group Ltd (NASDAQ:GOGL) was the target of a large increase in short interest during the month of May. As of May 29th, there was short interest totalling 983,300 shares, an increase of 18.8% from the May 14th total of 827,900 shares. Approximately 1.1% of the company’s stock are short sold. Based on an average daily volume of 397,600 shares, the short-interest ratio is presently 2.5 days.

A number of hedge funds have recently made changes to their positions in GOGL. Invesco Ltd. bought a new stake in Golden Ocean Group in the 1st quarter valued at $801,000. Geode Capital Management LLC raised its position in shares of Golden Ocean Group by 11.6% during the first quarter. Geode Capital Management LLC now owns 132,502 shares of the shipping company’s stock valued at $414,000 after buying an additional 13,777 shares during the last quarter. Parametric Portfolio Associates LLC lifted its stake in shares of Golden Ocean Group by 136.3% in the first quarter. Parametric Portfolio Associates LLC now owns 34,576 shares of the shipping company’s stock valued at $108,000 after buying an additional 19,946 shares during the period. Citigroup Inc. grew its position in Golden Ocean Group by 225.4% during the first quarter. Citigroup Inc. now owns 403,111 shares of the shipping company’s stock worth $1,264,000 after buying an additional 279,217 shares in the last quarter. Finally, GSA Capital Partners LLP acquired a new stake in shares of Golden Ocean Group during the 1st quarter valued at about $465,000. 16.56% of the stock is currently owned by institutional investors and hedge funds.

A number of analysts have weighed in on GOGL shares. ValuEngine cut Golden Ocean Group from a “hold” rating to a “sell” rating in a research report on Thursday, May 7th. Kepler Capital Markets lowered Golden Ocean Group from a “buy” rating to a “hold” rating in a report on Wednesday, May 6th. BidaskClub upgraded Golden Ocean Group from a “hold” rating to a “buy” rating in a report on Wednesday. Pareto Securities raised shares of Golden Ocean Group from a “hold” rating to a “buy” rating in a research report on Tuesday, April 28th. Finally, TheStreet downgraded shares of Golden Ocean Group from a “c-” rating to a “d” rating in a report on Monday, June 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold”.

Shares of NASDAQ GOGL traded up $0.16 during trading hours on Friday, hitting $3.81. 471,913 shares of the company’s stock were exchanged, compared to its average volume of 351,617. The company’s 50-day moving average price is $3.36 and its 200-day moving average price is $4.23. Golden Ocean Group has a 1-year low of $2.52 and a 1-year high of $6.92. The stock has a market capitalization of $522.96 million, a price-to-earnings ratio of 22.81 and a beta of 1.70. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.42 and a quick ratio of 0.42.

Golden Ocean Group (NASDAQ:GOGL) last issued its quarterly earnings results on Wednesday, May 27th. The shipping company reported ($0.25) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.19) by ($0.06). Golden Ocean Group had a positive return on equity of 1.56% and a negative net margin of 16.20%. The business had revenue of $77.16 million during the quarter.

Golden Ocean Group Company Profile

Golden Ocean Group Limited, a shipping company, engages in the transportation of bulk commodities worldwide. It owns and operates a fleet of dry bulk vessels, including Newcastlemax, Capesize, Panamax, and Ultramax vessels in the spot and time charter markets. The company transports bulk commodities, such as ores, coal, grains, and fertilizers.

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