Will Golden Ocean Group Limited (GOGL) Short Squeeze Soon? The Stock Formed a Bearish Double Bottom Pattern

May 21, 2018 - By Nellie Frank

Golden Ocean Group Limited (NASDAQ:GOGL) Logo

The chart of Golden Ocean Group Limited (GOGL) shows a double bottom with $7.90 target or 4.00 % below today’s $8.23 share price. The 6 months chart pattern indicates high risk for the $1.19B company. It was reported on May, 21 by Finviz.com. If the $7.90 price target is reached, the company will be worth $47.48M less. Double bottoms are rare but powerful chart patterns.

The stock decreased 0.36% or $0.03 during the last trading session, reaching $8.23. About 75,638 shares traded. Golden Ocean Group Limited (NASDAQ:GOGL) has risen 7.95% since May 21, 2017 and is uptrending. It has underperformed by 3.60% the S&P500.

Analysts await Golden Ocean Group Limited (NASDAQ:GOGL) to report earnings on May, 23. They expect $0.03 EPS, up 117.65 % or $0.20 from last year’s $-0.17 per share. GOGL’s profit will be $4.33M for 68.58 P/E if the $0.03 EPS becomes a reality. After $0.19 actual EPS reported by Golden Ocean Group Limited for the previous quarter, Wall Street now forecasts -84.21 % negative EPS growth.

Golden Ocean Group Limited (NASDAQ:GOGL) Ratings Coverage

Among 2 analysts covering Golden Ocean Group (NASDAQ:GOGL), 1 have Buy rating, 0 Sell and 1 Hold. Therefore 50% are positive. Golden Ocean Group had 4 analyst reports since February 12, 2018 according to SRatingsIntel. As per Wednesday, February 21, the company rating was maintained by Morgan Stanley. Morgan Stanley maintained Golden Ocean Group Limited (NASDAQ:GOGL) rating on Tuesday, April 17. Morgan Stanley has “Equal-Weight” rating and $9.5 target. The stock of Golden Ocean Group Limited (NASDAQ:GOGL) has “Overweight” rating given on Friday, March 23 by JP Morgan. On Monday, February 12 the stock rating was downgraded by Morgan Stanley to “Equal-Weight”.

Another recent and important Golden Ocean Group Limited (NASDAQ:GOGL) news was published by Benzinga.com which published an article titled: “28 Stocks Moving In Tuesday’s Pre-Market Session” on April 24, 2018.

Golden Ocean Group Limited, a shipping company, engages in the transportation of bulk commodities worldwide. The company has market cap of $1.19 billion. It owns and operates a fleet of dry bulk vessels, including Newcastlemax, Capesize, Kamsarmax, Panamax, and Supramax vessels. It currently has negative earnings. The firm transports bulk commodities, such as ores, coal, grains, and fertilizers along worldwide shipping routes.

Golden Ocean Group Limited (NASDAQ:GOGL) Ratings Chart

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