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

Golden Ocean Group Ltd (NASDAQ:GOGL) was the recipient of a significant growth in short interest during the month of June. As of June 30th, there was short interest totalling 1,044,300 shares, a growth of 28.3% from the May 30th total of 813,900 shares. Based on an average trading volume of 212,300 shares, the days-to-cover ratio is currently 4.9 days. Approximately 1.2% of the shares of the stock are sold short.

A number of research firms recently weighed in on GOGL. Zacks Investment Research lowered shares of Gold Resource from a “hold” rating to a “sell” rating in a research report on Friday, June 21st. BidaskClub upgraded shares of Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Thursday, July 4th. Finally, ValuEngine upgraded shares of Zynerba Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $10.08.

A number of large investors have recently bought and sold shares of the business. Marshall Wace North America L.P. increased its holdings in Golden Ocean Group by 151.0% during the 1st quarter. Marshall Wace North America L.P. now owns 59,464 shares of the shipping company’s stock valued at $284,000 after purchasing an additional 35,774 shares during the period. CarVal Investors LLC increased its holdings in Golden Ocean Group by 74.8% during the 1st quarter. CarVal Investors LLC now owns 700,000 shares of the shipping company’s stock valued at $3,339,000 after purchasing an additional 299,550 shares during the period. Janney Montgomery Scott LLC purchased a new position in Golden Ocean Group during the 1st quarter valued at about $528,000. Millennium Management LLC increased its holdings in Golden Ocean Group by 179.7% during the 4th quarter. Millennium Management LLC now owns 296,945 shares of the shipping company’s stock valued at $1,829,000 after purchasing an additional 190,785 shares during the period. Finally, Segall Bryant & Hamill LLC purchased a new position in Golden Ocean Group during the 4th quarter valued at about $4,217,000. Institutional investors own 16.98% of the company’s stock.

GOGL remained flat at $$6.50 on Friday. 184,928 shares of the company were exchanged, compared to its average volume of 244,238. The stock has a market capitalization of $937.76 million, a price-to-earnings ratio of 10.83 and a beta of 2.11. Golden Ocean Group has a 52-week low of $4.33 and a 52-week high of $10.05. The firm has a fifty day moving average price of $5.31. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.68.

Golden Ocean Group (NASDAQ:GOGL) last posted its earnings results on Wednesday, May 22nd. The shipping company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.08. The company had revenue of $91.81 million for the quarter, compared to analyst estimates of $74.48 million. Golden Ocean Group had a net margin of 9.55% and a return on equity of 4.06%.

The company also recently announced a quarterly dividend, which was paid on Thursday, June 20th. Shareholders of record on Thursday, June 6th were issued a $0.025 dividend. The ex-dividend date was Wednesday, June 5th. This represents a $0.10 annualized dividend and a yield of 1.54%. Golden Ocean Group’s payout ratio is 16.67%.

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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