Golden Ocean Group (NASDAQ:GOGL) Sees Strong Trading Volume – Here’s What Happened

Shares of Golden Ocean Group Limited (NASDAQ:GOGL) saw an uptick in trading volume on Wednesday . 2,668,211 shares traded hands during mid-day trading, an increase of 54% from the previous session’s volume of 1,728,955 shares.The stock last traded at $9.85 and had previously closed at $9.40.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Pareto Securities restated a “hold” rating and set a $12.50 target price on shares of Golden Ocean Group in a report on Thursday, November 21st. Jefferies Financial Group reissued a “hold” rating and issued a $10.00 target price on shares of Golden Ocean Group in a report on Wednesday.

Golden Ocean Group Price Performance

The firm has a market cap of $1.97 billion, a price-to-earnings ratio of 8.14 and a beta of 1.16. The company’s fifty day moving average is $9.12 and its two-hundred day moving average is $10.65. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.22 and a current ratio of 1.22.

Golden Ocean Group (NASDAQ:GOGL) last issued its quarterly earnings data on Wednesday, February 26th. The shipping company reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.14). Golden Ocean Group had a net margin of 23.89% and a return on equity of 13.14%. Equities research analysts forecast that Golden Ocean Group Limited will post 1.14 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. MetLife Investment Management LLC grew its holdings in Golden Ocean Group by 1.7% in the 4th quarter. MetLife Investment Management LLC now owns 71,533 shares of the shipping company’s stock worth $641,000 after acquiring an additional 1,201 shares during the last quarter. State of Wyoming raised its stake in shares of Golden Ocean Group by 10.3% during the fourth quarter. State of Wyoming now owns 13,596 shares of the shipping company’s stock valued at $122,000 after acquiring an additional 1,268 shares in the last quarter. Swiss National Bank lifted its stake in Golden Ocean Group by 0.6% in the fourth quarter. Swiss National Bank now owns 257,524 shares of the shipping company’s stock worth $2,259,000 after acquiring an additional 1,658 shares during the period. Tower Research Capital LLC TRC grew its stake in Golden Ocean Group by 47.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 5,294 shares of the shipping company’s stock valued at $47,000 after purchasing an additional 1,694 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Golden Ocean Group by 2.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,525 shares of the shipping company’s stock worth $965,000 after buying an additional 2,078 shares during the last quarter. 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.