MIND Technology, Inc. (NASDAQ:MIND) Sees Large Growth in Short Interest

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) saw a significant growth in short interest in 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. Based on an average daily volume of 304,300 shares, the days-to-cover ratio is currently 1.3 days. Approximately 5.0% of the shares of the company are sold short. Approximately 5.0% of the shares of the company are sold short. Based on an average daily volume of 304,300 shares, the days-to-cover ratio is currently 1.3 days.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised shares of MIND Technology from a "hold" rating to a "strong-buy" rating in a report on Saturday.

MIND Technology Price Performance

NASDAQ:MIND traded down $0.23 during mid-day trading on Tuesday, reaching $8.43. The stock had a trading volume of 118,937 shares, compared to its average volume of 263,620. The stock has a 50-day simple moving average of $9.21 and a two-hundred day simple moving average of $7.47. The stock has a market capitalization of $67.18 million, a PE ratio of 2.60 and a beta of 0.66. MIND Technology has a 12 month low of $3.47 and a 12 month high of $11.50.

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MIND. Brighton Jones LLC bought a new position in MIND Technology in the fourth quarter valued at approximately $138,000. Northern Trust Corp acquired a new stake in MIND Technology in the fourth quarter valued at approximately $155,000. Citadel Advisors LLC acquired a new stake in MIND Technology in the fourth quarter valued at approximately $264,000. Squarepoint Ops LLC acquired a new stake in MIND Technology in the fourth quarter valued at approximately $146,000. Finally, IFP Advisors Inc boosted its position in MIND Technology by 100.0% in the first 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 in the last quarter. 9.83% of the stock is owned by institutional investors.

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.

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