MIND Technology (NASDAQ:MIND) Shares Down 6.3% – Here’s What Happened

MIND Technology, Inc. (NASDAQ:MIND)’s share price dropped 6.3% on Friday . The company traded as low as $9.92 and last traded at $10.01. Approximately 612,719 shares traded hands during trading, an increase of 70% from the average daily volume of 361,475 shares. The stock had previously closed at $10.68.

Wall Street Analyst Weigh In

Separately, StockNews.com cut MIND Technology from a “buy” rating to a “hold” rating in a research report on Tuesday, January 28th.

MIND Technology Stock Performance

The business has a 50-day simple moving average of $8.29 and a two-hundred day simple moving average of $5.45. The company has a market capitalization of $14.11 million, a price-to-earnings ratio of 3.22 and a beta of 0.91.

MIND Technology (NASDAQ:MIND) last posted its quarterly earnings data on Tuesday, December 10th. The company reported $2.87 earnings per share for the quarter. MIND Technology had a negative return on equity of 104.48% and a net margin of 9.92%.

Hedge Funds Weigh In On MIND Technology

Large investors have recently modified their holdings of the business. IFP Advisors Inc purchased a new position in shares of MIND Technology during the 4th quarter worth approximately $32,000. Virtu Financial LLC purchased a new position in shares of MIND Technology during the 3rd quarter worth approximately $43,000. XTX Topco Ltd purchased a new position in shares of MIND Technology during the 4th quarter worth approximately $114,000. Brighton Jones LLC purchased a new position in shares of MIND Technology during the 4th quarter worth approximately $138,000. Finally, Squarepoint Ops LLC purchased a new position in shares of MIND Technology during the 4th quarter worth approximately $146,000. 9.83% of the stock is owned by hedge funds and other institutional investors.

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.