Short Interest in MIND Technology, Inc. (NASDAQ:MIND) Grows By 38.5%

Key Points

• MIND Technology, Inc. experienced a 38.5% increase in short interest in August, with 391,700 shares sold short as of August 31st.
• Wall Street Zen upgraded MIND Technology's stock rating from "hold" to "strong-buy".
• In its latest earnings report, MIND Technology posted $0.24 EPS, surpassing analysts' expectations of $0.19, and reported revenues of $13.56 million.

MIND Technology, Inc. (NASDAQ:MIND - Get Free Report) was the recipient of a large growth in short interest during the month of August. As of August 31st, there was short interest totaling 391,700 shares, a growth of 38.5% from the August 15th total of 282,800 shares. Approximately 5.0% of the shares of the company are sold short. Based on an average daily trading volume, of 304,300 shares, the days-to-cover ratio is presently 1.3 days. Based on an average daily trading volume, of 304,300 shares, the days-to-cover ratio is presently 1.3 days. Approximately 5.0% of the shares of the company are sold short.

MIND Technology Stock Performance

MIND Technology stock traded down $0.10 during mid-day trading on Friday, reaching $8.17. 202,616 shares of the company were exchanged, compared to its average volume of 205,199. MIND Technology has a twelve month low of $3.47 and a twelve month high of $11.50. The firm's 50-day simple moving average is $9.22 and its two-hundred day simple moving average is $7.50. The firm has a market cap of $65.11 million, a PE ratio of 2.52 and a beta of 0.66.

MIND Technology (NASDAQ:MIND - Get Free Report) last posted its quarterly earnings data on Tuesday, September 9th. The company reported $0.24 earnings per share for the quarter, topping analysts' consensus estimates of $0.19 by $0.05. MIND Technology had a return on equity of 15.85% and a net margin of 8.81%.The company had revenue of $13.56 million during the quarter, compared to analysts' expectations of $12.64 million. During the same period last year, the firm earned ($0.11) EPS.

Institutional Trading of MIND Technology

Hedge funds have recently added to or reduced their stakes in the stock. Raymond James Financial Inc. acquired a new stake in MIND Technology during the 2nd quarter worth approximately $33,000. IFP Advisors Inc lifted its holdings in shares of MIND Technology by 100.0% in the 1st quarter. IFP Advisors Inc now owns 8,036 shares of the company's stock valued at $48,000 after buying an additional 4,018 shares during the period. Evernest Financial Advisors LLC acquired a new stake in shares of MIND Technology in the 2nd quarter valued at approximately $127,000. ARS Wealth Advisors Group LLC acquired a new stake in shares of MIND Technology in the 2nd quarter valued at approximately $127,000. Finally, Brighton Jones LLC acquired a new stake in shares of MIND Technology in the 4th quarter valued at approximately $138,000. 9.83% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded MIND Technology from a "hold" rating to a "strong-buy" rating in a research note on Saturday, September 13th.

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.