Geospace Technologies (NASDAQ:GEOS) announced its quarterly earnings results on October 8, 2023, revealing a loss of ($0.71) earnings per share (EPS). The report, sourced from Zacks, indicated that the oil and gas company experienced a negative net margin of 11.70%, although it managed a modest return on equity of 2.77%.
Following the earnings announcement, shares of Geospace Technologies fell by 8.6%, translating to a decrease of $1.63 to reach $17.28 per share. The trading volume for the day was 332,104 shares, significantly higher than the average volume of 163,632. The company now has a market capitalization of $221.55 million, a price-to-earnings (P/E) ratio of -16.30, and a beta of 0.62. Its 50-day simple moving average stands at $22.61, while the 200-day simple moving average is at $15.85. Over the past year, Geospace Technologies has seen shares range from a low of $5.51 to a high of $29.89.
Analyst Ratings and Institutional Changes
Recent comments from analysts reflect a cautious outlook on Geospace Technologies. Wall Street Zen upgraded the stock from a “sell” rating to a “hold” in a note released on August 9, while Weiss Ratings reaffirmed a “sell (d+)” rating in a report on October 8. Currently, data from MarketBeat.com indicates that Geospace Technologies holds an average rating of “sell” among analysts.
Institutional investors have also been active with their positions in Geospace Technologies. Glenorchy Capital Ltd increased its stake by 1.0% during the second quarter, now owning 193,884 shares valued at approximately $2.77 million after acquiring an additional 1,946 shares. Another significant move came from BNP Paribas Financial Markets, which grew its holdings by an impressive 670.8% in the third quarter, bringing its total to 3,453 shares valued at $65,000.
Raymond James Financial Inc. entered the market by purchasing a new position in Geospace Technologies valued at around $51,000 during the second quarter. Empowered Funds LLC also expanded its investment, increasing its stake by 8.2% in the first quarter to a total of 52,207 shares worth $376,000. In total, approximately 57.15% of Geospace Technologies’ stock is held by hedge funds and other institutional investors.
Company Overview
Geospace Technologies Corporation is engaged in designing and manufacturing instruments and equipment for the oil and gas industry, focusing on the acquisition of seismic data. This data is essential for locating, characterizing, and monitoring hydrocarbon-producing reservoirs. The company operates through three distinct segments: Oil and Gas Markets, Adjacent Markets, and Emerging Markets.
As Geospace Technologies navigates a challenging market environment, the latest earnings results and analyst ratings will likely play a significant role in shaping investor sentiment and future performance.
