Geospace Technologies (NASDAQ:GEOS) announced its quarterly earnings on October 8, 2023, revealing a loss of $0.71 per share. The company, which specializes in the oil and gas sector, reported a negative net margin of 11.70% but managed a return on equity of 2.77%. Following the announcement, Geospace’s stock dropped by 8.6%, closing at $17.28.
The trading volume for Geospace Technologies was 332,104 shares on the day, significantly higher than its average volume of 163,632. The company’s market capitalization stands at $221.55 million, with a price-to-earnings (P/E) ratio of -16.30 and a beta of 0.62. Over the past year, the stock has fluctuated between a low of $5.51 and a high of $29.89.
Analysts React to Earnings Report
Following the earnings report, several analysts provided updated ratings for Geospace Technologies. Wall Street Zen upgraded the stock from a “sell” rating to a “hold” rating in a note dated August 9, 2023. Conversely, Weiss Ratings reaffirmed a “sell (d+)” rating on October 8, indicating some caution among market observers. Currently, data from MarketBeat.com shows that one investment analyst rates the stock as a sell, contributing to an overall average rating of “sell.”
Institutional Investor Activity
Changes in institutional holdings have also impacted 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. BNP Paribas Financial Markets significantly expanded its position, acquiring 3,453 shares, which represents a growth of 670.8% in the third quarter, bringing its total holdings to $65,000.
Raymond James Financial Inc. made a new investment in Geospace Technologies during the second quarter, valued at around $51,000. Additionally, Empowered Funds LLC raised its stake by 8.2% in the first quarter, now owning 52,207 shares worth $376,000. Bridgeway Capital Management LLC also increased its position by 3.8% in the second quarter, holding 131,478 shares valued at $1.875 million. Institutional investors own approximately 57.15% of the company’s stock.
Geospace Technologies Corporation designs and manufactures instruments and equipment for the oil and gas industry, focusing on acquiring seismic data to identify and monitor hydrocarbon reservoirs. The company operates through three primary segments: Oil and Gas Markets, Adjacent Markets, and Emerging Markets.
As Geospace Technologies navigates the challenges of the current market environment, the reactions from analysts and institutional investors will be crucial indicators of its future performance.
