Cool (NYSE:CLCO) Sees Strong Trading Volume - Here's What Happened

Key Points

• Cool Company Ltd. (NYSE:CLCO) experienced a significant increase in trading volume, with 331,063 shares exchanged, marking a 105% rise from the previous session.
• Analysts have downgraded the stock's rating, with B. Riley shifting from a "strong-buy" to a "hold" and Wall Street Zen moving from "hold" to "sell," leading to a consensus rating of "Hold."
• An institutional investor acquired 15,084 shares of CLCO, indicating interest from hedge funds, which collectively own 20.66% of the company's stock.

Shares of Cool Company Ltd. (NYSE:CLCO - Get Free Report) saw strong trading volume on Tuesday . 331,063 shares changed hands during mid-day trading, an increase of 105% from the previous session's volume of 161,736 shares.The stock last traded at $9.55 and had previously closed at $9.54.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CLCO. B. Riley downgraded Cool from a "strong-buy" rating to a "hold" rating in a report on Wednesday, September 24th. Wall Street Zen downgraded shares of Cool from a "hold" rating to a "sell" rating in a research report on Friday, September 26th. Finally, Weiss Ratings reiterated a "hold (c-)" rating on shares of Cool in a research report on Saturday, September 27th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has a consensus rating of "Hold".

Cool Price Performance

The company has a market capitalization of $512.60 million, a P/E ratio of 14.04 and a beta of 0.70. The business's 50-day moving average is $7.97 and its two-hundred day moving average is $6.84. The company has a quick ratio of 0.77, a current ratio of 0.79 and a debt-to-equity ratio of 1.68.

Hedge Funds Weigh In On Cool

An institutional investor recently bought a new position in Cool stock. ABC Arbitrage SA acquired a new stake in Cool Company Ltd. (NYSE:CLCO - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 15,084 shares of the company's stock, valued at approximately $82,000. Institutional investors and hedge funds own 20.66% of the company's stock.

About Cool

Cool Company Ltd. engages in the acquisition, ownership, operation, and chartering of liquefied natural gas carriers (LNGCs). As of December 31, 2023, it owned a fleet of eleven LNGCs, including seven modern tri-fuel diesel electric vessels; two modern 2-stroke and two TFDE vessels; and managed 17 LNGCs and floating storage and regasification units for third parties.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.