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

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

Analysts Set New Price Targets

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

MIND Technology Trading Down 6.3 %

The company has a fifty day simple moving average of $8.29 and a two-hundred day simple moving average of $5.45. The company has a market cap of $14.11 million, a PE ratio of 3.22 and a beta of 0.91.

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

Institutional Trading of MIND Technology

A number of large investors have recently made changes to their positions in MIND. IFP Advisors Inc acquired a new stake in shares of MIND Technology in the 4th quarter valued at about $32,000. Virtu Financial LLC acquired a new stake in shares of MIND Technology in the 3rd quarter valued at about $43,000. XTX Topco Ltd acquired a new stake in shares of MIND Technology in the 4th quarter valued at about $114,000. Brighton Jones LLC acquired a new stake in shares of MIND Technology in the 4th quarter valued at about $138,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of MIND Technology in the 4th quarter valued at about $146,000. 9.83% of the stock is owned by institutional investors and hedge funds.

MIND Technology Company Profile

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.