Shares of Geospace Technologies (NASDAQ: GEOS) have been upgraded from a hold rating to a buy rating by Wall Street Zen in a report released on October 7, 2023. This shift in recommendation comes amid a backdrop of diverse analyst opinions regarding the company’s stock performance. In contrast, Weiss Ratings reaffirmed a “sell (D+)” rating for Geospace Technologies in a separate analysis issued on October 8, 2023.
As it stands, one analyst has assigned a sell rating to the stock, leading to an overall average rating of “sell” according to data from MarketBeat. This mixed assessment highlights the uncertainty surrounding Geospace Technologies’ market position.
Recent Financial Performance and Stock Trends
On November 20, 2023, Geospace Technologies released its quarterly earnings report, revealing a loss of ($0.71) earnings per share for the period. The company reported revenues of $30.71 million, which reflects ongoing challenges within the oil and gas sector. Despite these struggles, Geospace managed to achieve a return on equity of 2.77%, though it also reported a negative net margin of 11.70%.
The company’s stock has seen a decline of 25.9% recently, raising concerns among investors about its future performance. This significant drop has led to increased scrutiny from institutional investors.
Changes in Institutional Investment
In recent weeks, major investors have made notable adjustments to their holdings in Geospace Technologies. For example, SBI Securities Co. Ltd. significantly increased its stake by an extraordinary 14,530.0% during the third quarter, now owning 1,463 shares valued at approximately $28,000 after acquiring an additional 1,453 shares.
Similarly, Glenorchy Capital Ltd. raised its holdings by 1.0% in the second quarter, bringing their total to 193,884 shares, valued at around $2.765 million. Another notable change came from BNP Paribas Financial Markets, which increased its stake by 670.8% during the same period, now owning 3,453 shares worth approximately $65,000.
Other institutional movements include Raymond James Financial Inc., which purchased a new stake worth about $51,000, and Empowered Funds LLC, which boosted its position by 8.2% in the first quarter, now owning 52,207 shares valued at $376,000. Currently, institutional investors and hedge funds collectively own 57.15% of Geospace Technologies’ stock.
The company, known for its design and manufacture of instruments used in the oil and gas industry, operates across three segments: Oil and Gas Markets, Adjacent Markets, and Emerging Markets. The current dynamics in analyst ratings and institutional investment reflect the broader challenges facing the oil and gas sector, making it crucial for investors to monitor upcoming developments closely.
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