Geospace Technologies (NASDAQ:GEOS) received an upgrade from Wall Street Zen, moving from a “hold” to a “buy” rating, as reported on Saturday. This shift comes as the investment landscape for the oil and gas firm shows signs of volatility, with another financial institution, Weiss Ratings, maintaining a “sell (d+)” rating on the stock in a separate note dated October 8, 2023. As it stands, Geospace Technologies has a consensus rating of “sell,” according to data from MarketBeat.com.
Stock Performance and Recent Earnings
The stock has experienced a substantial decline, dropping by 25.9% in recent months. The company’s latest quarterly earnings report, released on November 20, 2023, revealed a loss of $0.71 earnings per share. During the quarter, Geospace reported revenues of $30.71 million. The company also noted a negative net margin of 11.70% but reported a positive return on equity of 2.77%, indicating varying performance metrics.
Institutional Investor Activity
Several institutional investors have recently adjusted their stakes in Geospace Technologies, reflecting ongoing interest despite the stock’s downturn. Moors & Cabot Inc. increased its position by 5.3% in the first quarter, acquiring an additional 39,813 shares, bringing its total to 785,900 shares valued at approximately $5.67 million.
First Eagle Investment Management LLC also raised its holdings by 2.7% during the third quarter, now owning 522,864 shares worth around $9.91 million. Grace & White Inc. NY added 29,000 shares in the second quarter, boosting its total to 330,321 shares valued at about $4.71 million. Glenorchy Capital Ltd increased its stake by 1.0%, now holding 193,884 shares worth approximately $2.77 million, while Bridgeway Capital Management LLC raised its position by 5.4% in the third quarter, now owning 138,619 shares valued at around $2.63 million.
Institutional investors and hedge funds collectively own 57.15% of Geospace Technologies, indicating significant institutional confidence in the company despite mixed analyst opinions.
Geospace Technologies Corporation specializes in designing and manufacturing equipment used in the oil and gas industry, focused on acquiring seismic data to locate and monitor hydrocarbon reserves. The company operates through three segments: Oil and Gas Markets, Adjacent Markets, and Emerging Markets.
As the market continues to assess the implications of the recent upgrades and downgrades, investors will be closely monitoring Geospace Technologies’ performance in the coming quarters.
