Geospace Technologies Corp. (GEOS) Releases Earnings Results, Misses Estimates By $0.48 EPS
Geospace Technologies Corp. (NASDAQ:GEOS) released its quarterly earnings results on Wednesday. The company reported ($0.94) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.46) by $0.48. The firm earned $16.31 million during the quarter, compared to analysts’ expectations of $18.50 million. Geospace Technologies Corp. had a negative return on equity of 16.59% and a negative net margin of 76.29%. The business’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter last year, the business earned ($1.03) earnings per share.
Geospace Technologies Corp. (NASDAQ:GEOS) traded down 1.06% during trading on Wednesday, hitting $21.42. The stock had a trading volume of 116,931 shares. Geospace Technologies Corp. has a 52-week low of $7.62 and a 52-week high of $22.54. The company’s 50 day moving average is $19.05 and its 200 day moving average is $17.67. The firm’s market cap is $285.49 million.
Separately, Zacks Investment Research downgraded Geospace Technologies Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, October 18th.
Institutional investors have recently modified their holdings of the company. BlackRock Fund Advisors increased its position in shares of Geospace Technologies Corp. by 6.1% in the third quarter. BlackRock Fund Advisors now owns 947,508 shares of the company’s stock worth $18,457,000 after buying an additional 54,663 shares during the period. Vanguard Group Inc. increased its position in shares of Geospace Technologies Corp. by 5.0% in the second quarter. Vanguard Group Inc. now owns 552,187 shares of the company’s stock worth $9,039,000 after buying an additional 26,147 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its position in shares of Geospace Technologies Corp. by 0.5% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 333,192 shares of the company’s stock worth $6,491,000 after buying an additional 1,788 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of Geospace Technologies Corp. by 1.2% in the third quarter. Ameriprise Financial Inc. now owns 234,678 shares of the company’s stock worth $4,571,000 after buying an additional 2,780 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Geospace Technologies Corp. by 3.2% in the third quarter. Northern Trust Corp now owns 150,664 shares of the company’s stock worth $2,935,000 after buying an additional 4,716 shares during the last quarter. 86.17% of the stock is owned by institutional investors.
About Geospace Technologies Corp.
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 in two segments: Seismic and Non-Seismic. Its seismic product lines consist of land and marine nodal data acquisition systems, permanent land and seabed reservoir monitoring products and services, geophones and geophone strings, hydrophones, leader wire, connectors, telemetry cables, marine streamer retrieval and steering devices, and various other products.
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