Geospace Technologies (NASDAQ:GEOS) Stock Price Passes Above 200 Day Moving Average - Here's Why

Key Points

• Geospace Technologies' stock recently surpassed its 200-day moving average of $10.05, reaching a high of $18.75 before closing at $17.55 with significant trading volume.
• Analyst ratings have changed, with Wall Street Zen upgrading Geospace Technologies from a "sell" to a "hold" rating as of August 9th.
• Institutional ownership in Geospace Technologies is high, with large investors like Bank of America increasing their stakes, indicating growing institutional confidence in the company.

Shares of Geospace Technologies Corporation (NASDAQ:GEOS - Get Free Report) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $10.05 and traded as high as $18.75. Geospace Technologies shares last traded at $17.55, with a volume of 161,301 shares changing hands.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded Geospace Technologies from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th.

Geospace Technologies Trading Down 5.7%

The firm has a market cap of $224.99 million, a price-to-earnings ratio of -16.56 and a beta of 0.70. The company has a 50 day moving average of $15.31 and a 200 day moving average of $10.05.

Geospace Technologies (NASDAQ:GEOS - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The oil and gas company reported $0.06 EPS for the quarter. Geospace Technologies had a positive return on equity of 2.77% and a negative net margin of 11.70%.

Hedge Funds Weigh In On Geospace Technologies

Large investors have recently added to or reduced their stakes in the company. Bridgeway Capital Management LLC grew its holdings in shares of Geospace Technologies by 3.8% in the 2nd quarter. Bridgeway Capital Management LLC now owns 131,478 shares of the oil and gas company's stock valued at $1,875,000 after acquiring an additional 4,855 shares in the last quarter. Brevan Howard Capital Management LP acquired a new stake in Geospace Technologies during the second quarter worth approximately $306,000. Bank of America Corp DE raised its position in shares of Geospace Technologies by 68.4% in the second quarter. Bank of America Corp DE now owns 13,043 shares of the oil and gas company's stock valued at $186,000 after buying an additional 5,299 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Geospace Technologies in the second quarter valued at approximately $51,000. Finally, Glenorchy Capital Ltd raised its position in shares of Geospace Technologies by 1.0% in the second quarter. Glenorchy Capital Ltd now owns 193,884 shares of the oil and gas company's stock valued at $2,765,000 after buying an additional 1,946 shares in the last quarter. Institutional investors own 57.15% of the company's stock.

Geospace Technologies Company Profile

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.

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