Ion Geophysical Corp. (IO) Sees Strong Trading Volume Following Insider Buying Activity
Ion Geophysical Corp. (NYSE:IO) shares saw strong trading volume on Monday following insider buying activity. 55,508 shares were traded during mid-day trading, a decline of 2% from the previous session’s volume of 56,838 shares.The stock last traded at $6.75 and had previously closed at $6.85.
Specifically, Director James M. Lapeyre, Jr. acquired 5,100 shares of the company’s stock in a transaction that occurred on Monday, September 26th. The stock was bought at an average price of $5.93 per share, with a total value of $30,243.00. Following the completion of the purchase, the director now owns 157,773 shares of the company’s stock, valued at $935,593.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James M. Lapeyre, Jr. acquired 18,900 shares of the company’s stock in a transaction that occurred on Thursday, September 29th. The shares were acquired at an average cost of $6.36 per share, with a total value of $120,204.00. Following the purchase, the director now directly owns 157,773 shares of the company’s stock, valued at approximately $1,003,436.28. The disclosure for this purchase can be found here. 10.00% of the stock is owned by insiders.
The firm’s market capitalization is $78.97 million. The stock’s 50 day moving average is $5.92 and its 200-day moving average is $6.75.
Ion Geophysical Corp. (NYSE:IO) last announced its earnings results on Wednesday, August 3rd. The company reported ($1.85) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.86) by $0.01. The business earned $36.15 million during the quarter, compared to analyst estimates of $38.90 million. Ion Geophysical Corp. had a negative net margin of 42.51% and a negative return on equity of 85.96%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($4.05) EPS. On average, equities research analysts expect that Ion Geophysical Corp. will post ($7.28) EPS for the current fiscal year.
Large investors have recently made changes to their positions in the stock. Spark Investment Management LLC bought a new stake in shares of Ion Geophysical Corp. during the first quarter worth $400,000. DUPONT CAPITAL MANAGEMENT Corp bought a new stake in shares of Ion Geophysical Corp. during the second quarter worth $189,000. Oxford Asset Management raised its stake in shares of Ion Geophysical Corp. by 192.8% in the second quarter. Oxford Asset Management now owns 112,733 shares of the company’s stock worth $702,000 after buying an additional 74,225 shares in the last quarter. Pax World Management LLC bought a new stake in shares of Ion Geophysical Corp. during the second quarter worth $312,000. Finally, TFS Capital LLC bought a new stake in shares of Ion Geophysical Corp. during the second quarter worth $165,000. Institutional investors and hedge funds own 41.70% of the company’s stock.
About Ion Geophysical Corp.
ION Geophysical Corporation is a technology focused company that provides geophysical technology, services and solutions to the global oil and gas industry. The Company offers services and products through four segments: Solutions, Systems, Software and Ocean Bottom Services (OBS). The Company’s Solutions segment provides over two service activities: Ventures group and Imaging Services group.
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