MIND Technology (NASDAQ:MIND) Shares Down 4.1% – Here’s Why

MIND Technology, Inc. (NASDAQ:MIND)’s stock price fell 4.1% on Tuesday . The company traded as low as $4.67 and last traded at $4.71. Approximately 89,907 shares traded hands during trading, a decline of 20% from the average session volume of 112,548 shares. The stock had previously closed at $4.91.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MIND. Weiss Ratings lowered shares of MIND Technology from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, June 11th. Wall Street Zen upgraded shares of MIND Technology from a “sell” rating to a “hold” rating in a research note on Saturday, June 13th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company presently has an average rating of “Sell”.

MIND Technology Price Performance

The company has a 50 day moving average price of $5.99 and a 200 day moving average price of $7.62. The firm has a market cap of $47.00 million, a PE ratio of 30.41 and a beta of 0.38.

MIND Technology (NASDAQ:MIND) last announced its quarterly earnings data on Wednesday, June 10th. The company reported ($0.05) earnings per share (EPS) for the quarter. The firm had revenue of $9.67 million during the quarter. MIND Technology had a net margin of 3.06% and a return on equity of 3.45%.

Hedge Funds Weigh In On MIND Technology

A number of large investors have recently made changes to their positions in MIND. Hazlett Burt & Watson Inc. acquired a new position in MIND Technology during the fourth quarter worth about $27,000. Raymond James Financial Inc. purchased a new stake in shares of MIND Technology during the 2nd quarter worth approximately $33,000. Pinnacle Holdings LLC grew its holdings in shares of MIND Technology by 52.6% in the 4th quarter. Pinnacle Holdings LLC now owns 5,280 shares of the company’s stock worth $46,000 after acquiring an additional 1,820 shares during the period. Royal Bank of Canada grew its holdings in shares of MIND Technology by 209.8% in the 1st quarter. Royal Bank of Canada now owns 6,490 shares of the company’s stock worth $54,000 after acquiring an additional 4,395 shares during the period. Finally, Cetera Investment Advisers acquired a new stake in shares of MIND Technology in the 1st quarter worth approximately $87,000. 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.