Separately, Zacks Investment Research raised shares of Ion Geophysical from a strong sell rating to a hold rating in a report on Wednesday, July 17th. Five investment analysts have rated the stock with a hold rating, Ion Geophysical currently has a consensus rating of Hold.
Shares of IO traded down $0.38 during mid-day trading on Thursday, hitting $9.97. 173,932 shares of the company traded hands, compared to its average volume of 210,115. The company has a quick ratio of 0.81, a current ratio of 0.94 and a debt-to-equity ratio of 15.28. The business has a 50-day moving average price of $8.76. Ion Geophysical has a 1 year low of $4.53 and a 1 year high of $19.05.
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 stock was acquired at an average cost of $6.79 per share, with a total value of $407,400.00. Following the completion of the acquisition, the director now owns 265,273 shares in the company, valued at $1,801,203.67. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 16.10% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in IO. BNP Paribas Arbitrage SA increased its stake in shares of Ion Geophysical by 345.2% in the first quarter. BNP Paribas Arbitrage SA now owns 2,217 shares of the oil and gas company’s stock worth $32,000 after purchasing an additional 1,719 shares in the last quarter. Beirne Wealth Consulting Services LLC purchased a new stake in shares of Ion Geophysical in the second quarter worth $81,000. Millennium Management LLC purchased a new stake in shares of Ion Geophysical in the fourth quarter worth $132,000. Raymond James Financial Services Advisors Inc. increased its stake in shares of Ion Geophysical by 13.9% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 40,996 shares of the oil and gas company’s stock worth $212,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Alambic Investment Management L.P. purchased a new stake in shares of Ion Geophysical in the first quarter worth $305,000. 46.57% of the stock is owned by institutional investors and hedge funds.
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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