Geospace Technologies Corporation (NASDAQ:GEOS) Shares Sold by Victory Capital Management Inc.

Key Points

• Victory Capital Management Inc. reduced its stake in Geospace Technologies Corporation by 94.4% in Q1, now holding only 6,911 shares valued at $50,000.
• Other hedge funds have increased their positions in Geospace, with Bank of America raising its holdings by 45.0% in the previous quarter.
• Geospace Technologies reported a loss of ($0.77) earnings per share for the most recent quarter, accompanied by a downgrade from a "hold" to a "sell" rating by Wall Street Zen.

Victory Capital Management Inc. lowered its holdings in shares of Geospace Technologies Corporation (NASDAQ:GEOS - Free Report) by 94.4% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 6,911 shares of the oil and gas company's stock after selling 117,255 shares during the period. Victory Capital Management Inc. owned 0.05% of Geospace Technologies worth $50,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the business. Bank of America Corp DE increased its holdings in shares of Geospace Technologies by 45.0% during the fourth quarter. Bank of America Corp DE now owns 12,191 shares of the oil and gas company's stock worth $122,000 after buying an additional 3,782 shares in the last quarter. Mariner LLC acquired a new position in Geospace Technologies during the 4th quarter valued at about $127,000. JPMorgan Chase & Co. boosted its position in Geospace Technologies by 148.9% in the fourth quarter. JPMorgan Chase & Co. now owns 13,577 shares of the oil and gas company's stock worth $136,000 after purchasing an additional 8,123 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of Geospace Technologies by 10.4% in the fourth quarter. Wells Fargo & Company MN now owns 14,646 shares of the oil and gas company's stock valued at $147,000 after purchasing an additional 1,380 shares during the period. Finally, LSV Asset Management lifted its stake in Geospace Technologies by 24.4% in the 4th quarter. LSV Asset Management now owns 18,043 shares of the oil and gas company's stock worth $181,000 after purchasing an additional 3,543 shares in the last quarter. Institutional investors and hedge funds own 57.15% of the company's stock.

Geospace Technologies Price Performance

Shares of NASDAQ:GEOS traded down $1.51 during trading hours on Thursday, hitting $16.90. 207,002 shares of the company's stock traded hands, compared to its average volume of 139,322. Geospace Technologies Corporation has a 1 year low of $5.51 and a 1 year high of $18.99. The business has a fifty day moving average price of $11.73 and a 200-day moving average price of $8.88. The firm has a market capitalization of $216.48 million, a P/E ratio of -12.82 and a beta of 0.60.

Geospace Technologies (NASDAQ:GEOS - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The oil and gas company reported ($0.77) EPS for the quarter. Geospace Technologies had a negative net margin of 14.03% and a positive return on equity of 0.69%.

Analyst Ratings Changes

Separately, Wall Street Zen cut Geospace Technologies from a "hold" rating to a "sell" rating in a research report on Friday, May 16th.

About Geospace Technologies

Geospace Technologies Corporation designs and manufactures instruments and equipment used in the oil and gas industry to acquire seismic data in order to locate, characterize, and monitor hydrocarbon producing reservoirs. The company operates through three segments: Oil and Gas Markets, Adjacent Markets, and Emerging Markets.