MIND Technology (NASDAQ:MIND) Trading 9.5% Higher – Here’s What Happened

MIND Technology, Inc. (NASDAQ:MIND)’s stock price shot up 9.5% during mid-day trading on Tuesday . The company traded as high as $8.88 and last traded at $8.68. 557,798 shares changed hands during trading, an increase of 413% from the average session volume of 108,691 shares. The stock had previously closed at $7.93.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Wall Street Zen cut shares of MIND Technology from a “buy” rating to a “hold” rating in a research note on Saturday, December 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of MIND Technology in a research report on Wednesday, December 24th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat, the stock has an average rating of “Hold”.

MIND Technology Stock Up 9.5%

The stock has a fifty day simple moving average of $8.85 and a 200 day simple moving average of $9.42. The firm has a market capitalization of $78.47 million, a P/E ratio of 22.84 and a beta of 0.58.

MIND Technology (NASDAQ:MIND) last released its earnings results on Tuesday, December 9th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.15). MIND Technology had a return on equity of 9.95% and a net margin of 6.61%.The business had revenue of $9.69 million for the quarter, compared to analysts’ expectations of $10.90 million.

Hedge Funds Weigh In On MIND Technology

Several hedge funds have recently modified their holdings of the stock. Hazlett Burt & Watson Inc. bought a new position in shares of MIND Technology during the fourth quarter worth $27,000. Pinnacle Holdings LLC bought a new stake in MIND Technology in the 3rd quarter valued at $28,000. Raymond James Financial Inc. bought a new stake in MIND Technology in the 2nd quarter valued at $33,000. Arkadios Wealth Advisors purchased a new stake in MIND Technology in the 4th quarter worth $106,000. Finally, Marshall Wace LLP purchased a new stake in MIND Technology in the 4th quarter worth $125,000. Hedge funds and other institutional investors own 9.83% of the company’s stock.

MIND Technology Company Profile

MIND Technology, Inc, together with its subsidiaries, provides technology to the oceanographic, hydrographic, defense, seismic, and maritime security industries worldwide. Its primary products include the GunLink seismic source acquisition and control systems that provide operators of marine seismic surveys with precise monitoring and control of energy sources; the BuoyLink RGPS tracking system, which is used to offer precise positioning of marine seismic energy sources and streamers; Sleeve Gun energy sources; SeaLink towed seismic streamer system; and Sea Serpent line of passive sonar arrays for maritime security and anti-submarine warfare applications.