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

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

Analyst Ratings Changes

Several brokerages recently commented on MIND. Wall Street Zen upgraded shares of MIND Technology from a “sell” rating to a “hold” rating in a report on Saturday, June 13th. Weiss Ratings downgraded shares of MIND Technology from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, June 11th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company currently has an average rating of “Sell”.

MIND Technology Stock Down 4.1%

The stock’s 50 day moving average price is $6.02 and its 200-day moving average price is $7.64. The stock has a market capitalization of $42.81 million, a PE ratio of 27.71 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 for the quarter. The company had revenue of $9.67 million for the quarter. MIND Technology had a net margin of 3.06% and a return on equity of 3.45%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Royal Bank of Canada lifted 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 buying an additional 4,395 shares during the period. Cetera Investment Advisers purchased a new position in shares of MIND Technology during the first quarter valued at $87,000. Marshall Wace LLP bought a new stake in shares of MIND Technology in the fourth quarter valued at about $125,000. Arkadios Wealth Advisors bought a new stake in shares of MIND Technology in the fourth quarter valued at about $106,000. Finally, Jane Street Group LLC lifted its stake in MIND Technology by 71.1% in the fourth quarter. Jane Street Group LLC now owns 32,190 shares of the company’s stock worth $283,000 after acquiring an additional 13,372 shares during the period. Institutional investors own 9.83% of the company’s stock.

About MIND Technology

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.