MIND Technology (NASDAQ:MIND) Releases Quarterly 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) posted its quarterly earnings results on Tuesday. The company reported $0.24 EPS for the quarter, topping analysts' consensus estimates of $0.19 by $0.05, Zacks reports. 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 for the quarter, compared to analysts' expectations of $12.64 million. During the same period in the previous year, the firm earned ($0.11) EPS.

MIND Technology Stock Down 3.4%

NASDAQ MIND traded down $0.29 during trading on Friday, hitting $8.19. 169,704 shares of the stock traded hands, compared to its average volume of 216,332. MIND Technology has a 12-month low of $3.47 and a 12-month high of $11.50. The firm has a 50-day simple moving average of $9.20 and a 200-day simple moving average of $7.47. The company has a market capitalization of $65.27 million, a P/E ratio of 2.53 and a beta of 0.66.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Raymond James Financial Inc. bought a new stake in MIND Technology in the second quarter worth $33,000. Brighton Jones LLC bought a new position in MIND Technology during the fourth quarter valued at $138,000. Jump Financial LLC purchased a new position in shares of MIND Technology in the 2nd quarter worth $239,000. Evergreen Capital Management LLC purchased a new position in shares of MIND Technology in the 2nd quarter worth $414,000. Finally, Geode Capital Management LLC increased its holdings in shares of MIND Technology by 1.7% in the 2nd quarter. Geode Capital Management LLC now owns 89,550 shares of the company's stock worth $756,000 after buying an additional 1,518 shares during the last quarter. 9.83% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

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.