Golden Ocean Group Limited [GOGL] Stock trading around $10.13 per share: What’s Next?


Golden Ocean Group Limited [NASDAQ: GOGL] gained 0.60% or 0.06 points to close at $10.13 with a heavy trading volume of 2917396 shares. The company report on July 8, 2022 that GOGL – Agreement to construct three Kamsarmax vessels and sale of two Ultramax vessels.

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Golden Ocean Group Limited (Nasdaq and OSE: GOGL) (“Golden Ocean” or the “Company”), one of the world’s largest listed dry bulk shipowners, today announces that it has entered into agreements for the construction of three high-specification 85,000 dwt ECO-type dual-fuel Kamsarmax vessels, which will be equipped with the latest and most efficient propulsion system. Additionally, the Company announces the sale of two Ultramax vessels, Golden Cecilie and Golden Cathrine.

It opened the trading session at $9.92, the shares rose to $10.14 and dropped to $9.76, the range by which the price of stock traded the whole day. The daily chart for GOGL points out that the company has recorded 2.95% gains over the past six months. However, it is still -33.47% lower than its most recent low trading price.

If we look at the average trading volume of 4.67M shares, GOGL reached to a volume of 2917396 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Golden Ocean Group Limited [GOGL]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for GOGL shares is $14.80 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on GOGL stock is a recommendation set at 1.50. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

H.C. Wainwright have made an estimate for Golden Ocean Group Limited shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on September 13, 2021. The new note on the price target was released on November 22, 2019, representing the official price target for Golden Ocean Group Limited stock.

The Average True Range (ATR) for Golden Ocean Group Limited is set at 0.59, with the Price to Sales ratio for GOGL stock in the period of the last 12 months amounting to 1.55. The Price to Book ratio for the last quarter was 1.08. Price to Free Cash Flow for GOGL in the course of the last twelve months was 17.49.

Trading performance analysis for GOGL stock

Golden Ocean Group Limited [GOGL] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -2.78. With this latest performance, GOGL shares dropped by -20.74% in over the last four-week period, additionally plugging by 2.95% over the last 6 months – not to mention a drop of -0.10% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for GOGL stock in for the last two-week period is set at 31.74, with the RSI for the last a single of trading hit 28.77, and the three-weeks RSI is set at 35.45 for Golden Ocean Group Limited [GOGL]. The present Moving Average for the last 50 days of trading for this stock 13.23, while it was recorded at 10.20 for the last single week of trading, and 11.05 for the last 200 days.

Golden Ocean Group Limited [GOGL]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Golden Ocean Group Limited [GOGL] shares currently have an operating margin of +42.39 and a Gross Margin at +43.90. Golden Ocean Group Limited’s Net Margin is presently recorded at +43.82.

Return on Equity for this stock inclined to 31.98, with Return on Assets sitting at 17.08.

Golden Ocean Group Limited’s liquidity data is similarly interesting compelling, with a Current Ratio set at 1.20.

An analysis of insider ownership at Golden Ocean Group Limited [GOGL]

There are presently around $332 million, or 25.90% of GOGL stock, in the hands of institutional investors. The top three institutional holders of GOGL stocks are: GOLDMAN SACHS GROUP INC with ownership of 8,465,084, which is approximately 14.566% of the company’s market cap and around 5.60% of the total institutional ownership; RENAISSANCE TECHNOLOGIES LLC, holding 3,658,689 shares of the stock with an approximate value of $36.84 million in GOGL stocks shares; and FMR LLC, currently with $32.39 million in GOGL stock with ownership of nearly -43.037% of the company’s market capitalization.

Positions in Golden Ocean Group Limited stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 94 institutional holders increased their position in Golden Ocean Group Limited [NASDAQ:GOGL] by around 10,386,013 shares. Additionally, 43 investors decreased positions by around 18,441,244 shares, while 12 investors held positions by with 4,162,773 shares. The mentioned changes placed institutional holdings at 32,990,030 shares, according to the latest SEC report filing. GOGL stock had 52 new institutional investments in for a total of 3,786,013 shares, while 18 institutional investors sold positions of 1,237,018 shares during the same period.