Stock Traders Buy High Volume of Call Options on Golden Ocean Group (NASDAQ:GOGL)

Golden Ocean Group Limited (NASDAQ:GOGL) saw unusually large options trading on Wednesday. Traders acquired 9,014 call options on the company. This is an increase of 2,397% compared to the average daily volume of 361 call options.

Hedge Funds Weigh In On Golden Ocean Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio lifted its stake in shares of Golden Ocean Group by 3.6% in the fourth quarter. Public Employees Retirement System of Ohio now owns 119,597 shares of the shipping company’s stock valued at $1,062,000 after buying an additional 4,198 shares during the period. PharVision Advisers LLC bought a new position in shares of Golden Ocean Group in the 4th quarter valued at about $189,000. Voloridge Investment Management LLC boosted its position in shares of Golden Ocean Group by 6.8% in the 4th quarter. Voloridge Investment Management LLC now owns 1,495,472 shares of the shipping company’s stock worth $13,399,000 after purchasing an additional 95,164 shares during the last quarter. Squarepoint Ops LLC increased its stake in Golden Ocean Group by 155.8% in the fourth quarter. Squarepoint Ops LLC now owns 56,864 shares of the shipping company’s stock valued at $510,000 after purchasing an additional 34,636 shares in the last quarter. Finally, Twinbeech Capital LP bought a new position in Golden Ocean Group in the fourth quarter valued at approximately $146,000. Institutional investors and hedge funds own 22.00% of the company’s stock.

Golden Ocean Group Price Performance

Golden Ocean Group stock traded up $0.43 during trading hours on Wednesday, hitting $9.83. 2,881,043 shares of the company traded hands, compared to its average volume of 1,756,215. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.65. The firm’s 50-day simple moving average is $9.12 and its two-hundred day simple moving average is $10.65. Golden Ocean Group has a 1-year low of $8.52 and a 1-year high of $15.77. The firm has a market cap of $1.97 billion, a P/E ratio of 8.14 and a beta of 1.16.

Golden Ocean Group (NASDAQ:GOGL) last posted its quarterly 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, analysts forecast that Golden Ocean Group will post 1.14 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

GOGL has been the subject of a number of research reports. Jefferies Financial Group reiterated a “hold” rating and set a $10.00 price target on shares of Golden Ocean Group in a research report on Wednesday. Pareto Securities reiterated a “hold” rating and issued a $12.50 price target on shares of Golden Ocean Group in a report on Thursday, November 21st.

Golden Ocean Group Company Profile

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.