Golden Ocean Group Ltd. (NASDAQ:GOGL) was upgraded by analysts at Nordea Equity Research from a “hold” rating to a “buy” rating earlier this week. The company closed Wednesday’s trading at 0.64 cents a share, and was already up +0.009 (1.43%) around mid-day Thursday. The latest company news involving GOGL involves a Subsequent Offering: Issue of New Shares. The dry bulk shipping company based in Bremuda controls 70 vessels and provides transportation services and develops strong industry relations with partners and customers. This penny stock has been stable most of the year. Starting off January at $1.00 a share, the stock price dropped to $0.60 – $0.70 cents a share by the end of the month. However, it managed to maintain at that mark for several weeks before dropping again at the end of February to $0.54 cents a share. It should be noted it regained ground very quick and has managed to stay above the $0.60 mark this month.
This is the third “buy” rating for GOGL. The company has three “hold” ratings and two “sell” ratings.
Golden Ocean Group Ltd.: Market outlook
The Dow Jones dropped 81.23 points to 17,421.36 Thursday morning. The S&P 500 were fleeced 11.84 points to 2,024.87 The NASDAQ index fell 18.31 points to 4,750.55
Observations. Be sure to check on GOGL’s NASDAQ notice. The notice, dated February 18, 2016, was in regards to their stock price being below $1.00, thus taking them out of compliance. There hasn’t been a lot of news surrounding this company, so it’s only a mystery now as to why they’re picking up a little steam. Also, the target price for Golden Group Ltd. has been set to soar above $2.00. While this is promising, I would place this stock on your watchlists. Without any updates from the company, it’s hard to believe anyone would go all in on buying this stock in bulk. Don’t get too excited.