MIND Technology (NASDAQ:MIND) Posts Earnings Results, Beats Estimates By $0.05 EPS

Key Points

• MIND Technology reported a quarterly earnings result of $0.24 per share, surpassing the analysts' expectations by $0.04.
• Institutional investors own 9.83% of the company's stock, with significant positions recently acquired by firms such as Brighton Jones LLC and Evergreen Capital Management LLC.
• Despite a positive earnings report, Wall Street Zen downgraded MIND Technology's stock from a "buy" rating to a "hold" rating, indicating cautious sentiment among analysts.

MIND Technology (NASDAQ:MIND - Get Free Report) issued its quarterly earnings results on Tuesday. The company reported $0.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.19 by $0.05, Zacks reports. The business had revenue of $13.56 million for the quarter, compared to the consensus estimate of $12.64 million. MIND Technology had a return on equity of 19.12% and a net margin of 6.99%.During the same period in the prior year, the firm posted ($0.11) earnings per share.

MIND Technology Price Performance

Shares of MIND opened at $9.56 on Wednesday. The firm has a market capitalization of $76.18 million, a PE ratio of 3.31 and a beta of 0.65. MIND Technology has a 1-year low of $3.16 and a 1-year high of $11.50. The company's fifty day moving average price is $9.19 and its 200-day moving average price is $7.49.

Institutional Investors Weigh In On MIND Technology

Large investors have recently made changes to their positions in the stock. Geode Capital Management LLC boosted its holdings in MIND Technology by 1.7% in the second quarter. Geode Capital Management LLC now owns 89,550 shares of the company's stock valued at $756,000 after purchasing an additional 1,518 shares during the last quarter. Evergreen Capital Management LLC acquired a new stake in MIND Technology during the 2nd quarter worth about $414,000. Jump Financial LLC acquired a new stake in MIND Technology during the 2nd quarter worth about $239,000. Brighton Jones LLC acquired a new stake in MIND Technology during the 4th quarter worth about $138,000. Finally, Raymond James Financial Inc. acquired a new stake in MIND Technology during the 2nd quarter worth about $33,000. 9.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Wall Street Zen downgraded MIND Technology from a "buy" rating to a "hold" rating in a research report on Saturday, June 14th.

MIND Technology Company Profile

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.