Golden Ocean Group (NASDAQ:GOGL) Sees Unusually-High Trading Volume – Still a Buy?

Golden Ocean Group Limited (NASDAQ:GOGL) saw unusually-strong trading volume on Wednesday . Approximately 2,668,211 shares traded hands during 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.

Analysts Set New Price Targets

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

Golden Ocean Group Trading Up 4.6 %

The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.65. The company’s 50-day moving average is $9.12 and its 200 day moving average is $10.65. The firm has a market cap of $1.97 billion, a PE ratio of 8.14 and a beta of 1.16.

Golden Ocean Group (NASDAQ:GOGL) last issued its earnings results on Wednesday, February 26th. The shipping company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.14). Golden Ocean Group had a net margin of 23.89% and a return on equity of 13.14%. As a group, sell-side analysts predict that Golden Ocean Group Limited will post 1.14 EPS for the current year.

Institutional Investors Weigh In On Golden Ocean Group

Several hedge funds have recently bought and sold shares of GOGL. Point72 Hong Kong Ltd bought a new stake in Golden Ocean Group in the 3rd quarter valued at about $28,000. Jones Financial Companies Lllp grew its stake in shares of Golden Ocean Group by 683.1% in the fourth quarter. Jones Financial Companies Lllp now owns 2,741 shares of the shipping company’s stock worth $25,000 after purchasing an additional 2,391 shares during the last quarter. Sterling Capital Management LLC boosted its holdings in Golden Ocean Group by 830.1% in the fourth quarter. Sterling Capital Management LLC now owns 3,897 shares of the shipping company’s stock valued at $35,000 after acquiring an additional 3,478 shares during the last quarter. Quarry LP raised its stake in Golden Ocean Group by 195.3% during the fourth quarter. Quarry LP now owns 4,981 shares of the shipping company’s stock worth $45,000 after buying an additional 3,294 shares during the last quarter. Finally, SBI Securities Co. Ltd. acquired a new position in shares of Golden Ocean Group in the 4th quarter valued at about $46,000. 22.00% of the stock is currently owned by institutional investors and hedge funds.

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.