Geospace Technologies (NASDAQ:GEOS) announced its quarterly earnings on October 8, 2023, revealing a loss of ($0.71) per share. According to Zacks, the oil and gas company reported a negative net margin of 11.70%, while returning 2.77% on equity. The results have prompted a significant market reaction, with shares falling 8.6% to close at $17.28 on the day of the announcement.
The trading volume for Geospace Technologies reached 332,104 shares, markedly higher than its average volume of 163,632. The company’s market capitalization now stands at approximately $221.55 million, with a price-to-earnings (P/E) ratio of -16.30 and a beta of 0.62. Over the last year, Geospace has experienced a significant range in its stock price, with a 52-week low of $5.51 and a high of $29.89.
Analysts Adjust Ratings
Several analysts have recently reassessed their ratings for Geospace Technologies. Wall Street Zen upgraded the company’s stock from a “sell” to a “hold” rating in a note released on August 9, 2023. Conversely, Weiss Ratings maintained a “sell (d+)” rating as of October 8, 2023. Currently, one investment analyst has issued a Sell rating, contributing to an overall average rating of “Sell” for the stock, according to data from MarketBeat.com.
Institutional Investment Shifts
Recent changes in institutional investor positions indicate a cautious sentiment towards Geospace Technologies. Glenorchy Capital Ltd increased its stake by 1.0% during the second quarter, now holding 193,884 shares valued at approximately $2.77 million. In a more substantial move, BNP Paribas Financial Markets expanded its holdings by 670.8% in the third quarter, acquiring 3,453 shares worth around $65,000.
Other notable investments include Raymond James Financial Inc., which purchased a new position valued at about $51,000 in the second quarter, and Empowered Funds LLC, which increased its stake by 8.2% to own 52,207 shares worth $376,000. Bridgeway Capital Management LLC also raised its position by 3.8% in the second quarter, holding 131,478 shares valued at $1.88 million. Notably, institutional investors now control 57.15% of the stock.
Geospace Technologies, headquartered in Houston, Texas, designs and manufactures instruments used in the oil and gas sector to acquire seismic data for identifying and monitoring hydrocarbon reservoirs. The firm operates through three primary segments: Oil and Gas Markets, Adjacent Markets, and Emerging Markets.
As the company navigates a fluctuating market environment, stakeholders will be closely monitoring its strategies and performance in the upcoming quarters.
