Golden Ocean Group Limited (NASDAQ:GOGL) does about 2.27M shares in volume on a normal day but saw 1687990 shares change hands in Monday trading. The company now has a market cap of 1.83B USD. Its current market price is $9.33, marking a decrease of -1.06% compared to the previous close of $9.43. The 52 week high reached by this stock is $16.46 whilst the lowest price level in 52 weeks is $7.24. The script in recent trading has seen the stock touch a high of $9.39 and a low of $9.155.
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Golden Ocean Group Limited (GOGL) has a 20-day trading average at $8.88 and the current price is -43.31% off the 52-week high compared with 28.87% distance from its 52-week low. The 50-day simple moving average of the closing price is $8.78 and its 200-day simple moving average is $10.54. If we look at the stock’s price movements over the week, volatility stands at 3.04%, which decreases to 3.00% over 1 month. It is also key to look at other market indicators of price movement for the stock, where we see that the relative strength index (RSI) is at 58.25 to suggest the stock is neutral.
The consensus objective for the share price is $12.73, suggesting that the stock has a potential upside of 26.71% over the period.
FactSet Research has provided data showing that 10 brokerages have issued ratings for the stock. 1 analysts have rated it as a sell, while 0 advise that it is a overweight. 5 analysts have rated it as a buy and 4 have advised that investors hold their positions. The consensus recommendation rating is Overweight and Wall Street’s advice is for investors to Strong Buy the stock.
The company shares received a number of brokerage firm price updates over the past month, with the latest being on September 26, 2022 when Jefferies downgraded the stock to “Hold” and issued a price target of between $14 and $10. H.C. Wainwright initiated its price target at $13.
The current price level is 5.09%, 6.25%, and -11.54% away from its SMA20, SMA50, and SMA200 respectively, with the GOGL price moving above the 50-day SMA on January 23. Golden Ocean Group Limited (GOGL) stock is up 2.98% over the week and 5.78% over the past month. Its price is 7.36% year-to-date and 6.63% over the past year.
The stock last released its quarterly earnings report for quarter ended 6/29/2022, with the company’s earnings per share (EPS) of $7.49 above consensus estimates by $1.3. The company’s next earnings report is expected on 05/31/2023, with forecasts estimating quarterly EPS at $4.5 and $22.66 for whole year. GOGL’s earnings per share are forecast to shrink by -0.70% this year and -20.10% over next year. Expected sales for next quarter are $1.72 billion, which analysts say will come at $9.08 billion for the current fiscal year and next year at $8.46 billion. In addition, estimates put the company’s current quarterly revenue at an average of $1.98 billion.
Its 12-month price target is $10.25. To reach the target analysts have set, the stock logically needs to grow 26.71 percent from here. Of course, the average price target is just what the average analysts believe a stock will be worth in the next 52 weeks, and is only one metric. There are analysts with lower targets than the average, including one bearish Wall Street research firm advocating investors to wait for the price to pull back to $7.93, given the recent momentum. And then, on the bullish side of things, one analyst is expecting the stock to peak at $17.20.
Outstanding shares total 200.89M with insiders holding 39.16% of the shares and institutional holders owning 35.11% of the company’s common stock. The company has a return on investment of 15.50% and return on equity of 31.20%. The price to earnings ratio (P/E ratio) amounts to 3.15 while the forward price to earnings ratio is 7.31. The beta has a value of 1.32. Price to book ratio is 0.97 and price to sales ratio is 1.47.
According to a U.S. Securities and Exchange Commission filing, iShares Russell 2000 ETF has reduced its position in Golden Ocean Group Limited (GOGL) to 2,751,603 shares, mirroring a recent drop by -1.03%. iShares Russell 2000 ETF dumped 28731.0 shares of Golden Ocean Group Limited common stock bringing its total worth to about $23.91 million at the end of recent close, SEC documents show. iShares Russell 2000 ETF isn’t the only investment manager who changed stakes and is followed by iShares Russell 2000 Value ETF, which sold off 8316.0 shares to end up with 1,292,594 shares worth $11.23 million. Goldman Sachs International Small cut their holdings by -44.60% in the company over the course of the most recent quarter. It now holds a 0.63% position in Golden Ocean Group Limited thanks to 1.27 million shares amounting to $11.06 million.
