MIND Technology (NASDAQ:MIND) Trading Down 1.6% - Here's What Happened

MIND Technology, Inc. (NASDAQ:MIND - Get Free Report)'s stock price fell 1.6% on Monday . The company traded as low as $7.84 and last traded at $7.97. 131,201 shares traded hands during trading, a decline of 43% from the average session volume of 229,145 shares. The stock had previously closed at $8.10.

Analyst Upgrades and Downgrades

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

MIND Technology Trading Down 0.4%

The stock's fifty day moving average price is $6.96 and its two-hundred day moving average price is $7.22. The firm has a market capitalization of $66.22 million, a price-to-earnings ratio of 2.86 and a beta of 0.80.

MIND Technology (NASDAQ:MIND - Get Free Report) last announced its quarterly earnings results on Tuesday, June 10th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.20). MIND Technology had a return on equity of 19.12% and a net margin of 6.99%. The company had revenue of $7.90 million for the quarter, compared to analyst estimates of $10.10 million. During the same quarter in the prior year, the business earned $0.01 earnings per share.

Institutional Investors Weigh In On MIND Technology

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Informed Momentum Co LLC purchased a new position in MIND Technology during the 1st quarter worth $535,000. IFP Advisors Inc boosted its holdings in shares of 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 acquiring an additional 4,018 shares in the last quarter. Squarepoint Ops LLC acquired a new position in shares of MIND Technology during the fourth quarter worth about $146,000. Citadel Advisors LLC acquired a new position in shares of MIND Technology during the fourth quarter worth about $264,000. Finally, Northern Trust Corp acquired a new position in shares of MIND Technology during the fourth quarter worth about $155,000. 9.83% of the stock is currently owned by institutional investors and hedge funds.

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.