Wall Street Zen Downgrades MIND Technology (NASDAQ:MIND) to Buy

Key Points

• Wall Street Zen has downgraded MIND Technology's rating from "strong-buy" to "buy," reflecting a shift in analyst sentiment regarding the stock.
• MIND Technology reported $0.24 earnings per share for the latest quarter, surpassing consensus estimates and achieving a net margin of 8.81%.
• Institutional investors are increasing their stakes in MIND Technology, with notable purchases totaling over $400,000 in new investments during the second quarter alone.

MIND Technology (NASDAQ:MIND - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a report released on Sunday.

MIND Technology Stock Down 0.5%

NASDAQ MIND traded down $0.04 during trading hours on Friday, hitting $8.83. 157,229 shares of the company were exchanged, compared to its average volume of 263,017. The stock has a 50-day moving average price of $9.25 and a 200 day moving average price of $7.52. MIND Technology has a 52 week low of $3.47 and a 52 week high of $11.50. The stock has a market cap of $70.38 million, a PE ratio of 2.71 and a beta of 0.65.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Brighton Jones LLC grew its stake in shares of MIND Technology by 6.5% during the second quarter. Brighton Jones LLC now owns 18,448 shares of the company's stock valued at $156,000 after buying an additional 1,130 shares during the last quarter. Geode Capital Management LLC grew its stake in MIND Technology by 1.7% in the second quarter. Geode Capital Management LLC now owns 89,550 shares of the company's stock worth $756,000 after purchasing an additional 1,518 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in MIND Technology during the second quarter worth $33,000. IFP Advisors Inc lifted its holdings in MIND Technology by 100.0% during the first quarter. IFP Advisors Inc now owns 8,036 shares of the company's stock worth $48,000 after buying an additional 4,018 shares during the period. Finally, Evernest Financial Advisors LLC purchased a new stake in MIND Technology during the second quarter worth $127,000. Institutional investors own 9.83% of the company's stock.

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.