Victory Capital Management Inc. Cuts Position in Geospace Technologies Corporation (NASDAQ:GEOS)

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. trimmed its stake in shares of Geospace Technologies Corporation (NASDAQ:GEOS - Free Report) by 94.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,911 shares of the oil and gas company's stock after selling 117,255 shares during the quarter. Victory Capital Management Inc. owned approximately 0.05% of Geospace Technologies worth $50,000 at the end of the most recent reporting period.

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

Geospace Technologies Stock Performance

Shares of Geospace Technologies stock traded up $1.75 during trading hours on Monday, reaching $17.61. The company's stock had a trading volume of 255,405 shares, compared to its average volume of 201,519. The stock's fifty day simple moving average is $11.00 and its two-hundred day simple moving average is $8.69. The company has a market capitalization of $225.58 million, a P/E ratio of -13.76 and a beta of 0.60. Geospace Technologies Corporation has a one year low of $5.51 and a one year high of $18.99.

Geospace Technologies (NASDAQ:GEOS - Get Free Report) last announced its earnings results on Thursday, May 8th. The oil and gas company reported ($0.77) earnings per share (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 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.