Short Interest in Geospace Technologies Corporation (NASDAQ:GEOS) Grows By 20.9%

Key Points

• Short interest in Geospace Technologies Corporation increased by 20.9% in August, reaching a total of 735,600 shares as of August 31st.
• Institutional investors own 57.15% of Geospace Technologies' stock, with notable increases in ownership from firms like Grace & White Inc. and US Bancorp DE.
• Geospace Technologies recently received an upgrade from a sell to a hold rating by Wall Street Zen, reflecting positive analyst sentiment.

Geospace Technologies Corporation (NASDAQ:GEOS - Get Free Report) saw a significant increase in short interest in the month of August. As of August 31st, there was short interest totaling 735,600 shares, an increase of 20.9% from the August 15th total of 608,300 shares. Approximately 6.3% of the company's shares are short sold. Based on an average daily volume of 296,000 shares, the short-interest ratio is currently 2.5 days. Based on an average daily volume of 296,000 shares, the short-interest ratio is currently 2.5 days. Approximately 6.3% of the company's shares are short sold.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Glenorchy Capital Ltd increased its position in shares of Geospace Technologies by 1.0% during the second quarter. Glenorchy Capital Ltd now owns 193,884 shares of the oil and gas company's stock valued at $2,765,000 after acquiring an additional 1,946 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Geospace Technologies in the second quarter valued at approximately $51,000. Bank of America Corp DE grew its holdings in Geospace Technologies by 45.0% during the 4th quarter. Bank of America Corp DE now owns 12,191 shares of the oil and gas company's stock worth $122,000 after acquiring an additional 3,782 shares in the last quarter. Empowered Funds LLC grew its holdings in Geospace Technologies by 8.2% during the 1st quarter. Empowered Funds LLC now owns 52,207 shares of the oil and gas company's stock worth $376,000 after acquiring an additional 3,969 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Geospace Technologies by 15.2% during the 1st quarter. Bank of New York Mellon Corp now owns 30,601 shares of the oil and gas company's stock worth $221,000 after acquiring an additional 4,043 shares in the last quarter. Hedge funds and other institutional investors own 57.15% of the company's stock.

Geospace Technologies Stock Performance

Shares of GEOS traded up $1.00 on Monday, hitting $20.49. 333,843 shares of the stock traded hands, compared to its average volume of 161,994. The company has a market capitalization of $262.68 million, a PE ratio of 64.97 and a beta of 0.70. The business has a 50 day simple moving average of $16.39 and a 200 day simple moving average of $10.95. Geospace Technologies has a one year low of $5.51 and a one year high of $21.60.

Geospace Technologies (NASDAQ:GEOS - Get Free Report) last posted its earnings results on Thursday, August 7th. The oil and gas company reported $0.06 EPS for the quarter. Geospace Technologies had a negative net margin of 11.70% and a positive return on equity of 2.77%.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded shares of Geospace Technologies from a "sell" rating to a "hold" rating in a report on Saturday, August 9th.

About Geospace Technologies

Geospace Technologies Corporation designs and manufactures instruments and equipment used in the oil and gas industry to acquire seismic data in order to locate, characterize, and monitor hydrocarbon producing reservoirs. The company operates through three segments: Oil and Gas Markets, Adjacent Markets, and Emerging Markets.