Ion Geophysical Corp (NYSE:IO) Short Interest Up 47.9% in June

Ion Geophysical Corp (NYSE:IO) was the target of a significant increase in short interest in the month of June. As of June 30th, there was short interest totalling 909,900 shares, an increase of 47.9% from the May 30th total of 615,300 shares. Based on an average daily volume of 194,500 shares, the short-interest ratio is presently 4.7 days. Currently, 9.7% of the company’s shares are short sold.

Several equities analysts have recently commented on IO shares. Zacks Investment Research lowered HENGAN INTL GRP/ADR from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 21st. ValuEngine lowered Zosano Pharma from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st. Two equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. Ion Geophysical has an average rating of “Hold” and a consensus price target of $79.00.

In other Ion Geophysical news, Director James M. Lapeyre, Jr. bought 60,000 shares of Ion Geophysical stock in a transaction on Friday, May 31st. The shares were acquired at an average price of $6.79 per share, for a total transaction of $407,400.00. Following the completion of the purchase, the director now directly owns 265,273 shares in the company, valued at approximately $1,801,203.67. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 16.10% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Deutsche Bank AG boosted its position in Ion Geophysical by 219.4% during the fourth quarter. Deutsche Bank AG now owns 233,097 shares of the oil and gas company’s stock valued at $1,206,000 after purchasing an additional 160,116 shares in the last quarter. Citigroup Inc. boosted its position in Ion Geophysical by 1,097.7% during the fourth quarter. Citigroup Inc. now owns 39,501 shares of the oil and gas company’s stock valued at $204,000 after purchasing an additional 36,203 shares in the last quarter. Spark Investment Management LLC boosted its position in Ion Geophysical by 38.7% during the first quarter. Spark Investment Management LLC now owns 110,687 shares of the oil and gas company’s stock valued at $1,598,000 after purchasing an additional 30,887 shares in the last quarter. Millennium Management LLC bought a new stake in Ion Geophysical during the fourth quarter valued at about $132,000. Finally, WINTON GROUP Ltd boosted its position in Ion Geophysical by 122.2% during the second quarter. WINTON GROUP Ltd now owns 39,872 shares of the oil and gas company’s stock valued at $321,000 after purchasing an additional 21,931 shares in the last quarter. Hedge funds and other institutional investors own 46.45% of the company’s stock.

Shares of Ion Geophysical stock traded down $0.05 during trading on Friday, hitting $9.78. 212,756 shares of the stock traded hands, compared to its average volume of 240,704. The stock has a market cap of $138.30 million, a price-to-earnings ratio of -4.13 and a beta of 3.86. The company has a current ratio of 0.94, a quick ratio of 0.81 and a debt-to-equity ratio of 15.28. Ion Geophysical has a 52-week low of $4.53 and a 52-week high of $26.60. The firm’s fifty day moving average is $7.85.

Ion Geophysical (NYSE:IO) last announced its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported ($1.52) EPS for the quarter, missing the consensus estimate of ($0.77) by ($0.75). The firm had revenue of $36.96 million for the quarter, compared to analysts’ expectations of $34.20 million. Ion Geophysical had a negative net margin of 40.39% and a negative return on equity of 256.52%. On average, equities research analysts anticipate that Ion Geophysical will post -1.74 earnings per share for the current fiscal year.

Ion Geophysical Company Profile

ION Geophysical Corporation, together with its subsidiaries, provides a suite of services and products for seismic data acquisition and processing the United States and internationally. The company operates in three segments: E&P Technology & Services, Operations Optimization, and Ocean Bottom Integrated Technologies.

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