ION Geophysical Corporation [IO] Stock trading around $1.72 per share: What’s Next?

ION Geophysical Corporation [NYSE: IO] stock went on an upward path that rose over 12.42% on Friday, amounting to a one-week price decrease of less than -3.91%. The company report on July 16, 2021 that ION announces preliminary second quarter 2021 revenues of ~$20 million, an increase of ~40% sequentially.

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ION Geophysical Corporation (NYSE: IO) announced that the Company expects second quarter 2021 revenues to be approximately $20 million, an improvement of approximately 40% sequentially or a decrease of 13% from the prior period. At quarter end, the Company’s total liquidity of approximately $33 million consisted of $27 million of cash (including net revolver borrowings of $20 million) and approximately $6 million of remaining available borrowing capacity under the revolving credit facility. Backlog is estimated to be $14 million as the Company’s Mid North Sea High 3D multi-client program in the North Sea proceeded ahead of schedule this quarter, leveraging the Company’s proprietary Marlin™ and Orca® digital technologies to acquire the survey in a more efficient, eco-friendly manner.

“Second quarter revenues improved sequentially, consistent with our expectations of momentum building throughout the year,” said Chris Usher, ION’s President and Chief Executive Officer. “We continue to execute the two main pillars of our growth strategy. Our new 3D program in the North Sea is progressing well with solid industry support. We continue to advance our diversification into ports and offshore logistics with a positive rollout in CalMac’s series of UK ports and a new Africa maritime digitalization strategy. Encouragingly, even in this uncertain environment, we are seeing some signs of market recovery – oil prices are up nearly 50% this year and early movers are starting to strategically purchase data again.”.

Over the last 12 months, IO stock dropped by -31.20%. The average equity rating for IO stock is currently 2.20, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $44.10 million, with 28.81 million shares outstanding and 19.69 million shares in the current float. Compared to the average trading volume of 532.30K shares, IO stock reached a trading volume of 15435352 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on ION Geophysical Corporation [IO]:

Alliance Global Partners have made an estimate for ION Geophysical Corporation shares, keeping their opinion on the stock as Buy, with their previous recommendation back on June 02, 2021. While these analysts kept the previous recommendation, H.C. Wainwright raised their target price to Buy. The new note on the price target was released on July 22, 2020, representing the official price target for ION Geophysical Corporation stock.

The Average True Range (ATR) for ION Geophysical Corporation is set at 0.14, with the Price to Sales ratio for IO stock in the period of the last 12 months amounting to 0.55. Price to Free Cash Flow for IO in the course of the last twelve months was 4.16 with Quick ratio for the last quarter at 0.50.

IO Stock Performance Analysis:

ION Geophysical Corporation [IO] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -3.91. With this latest performance, IO shares dropped by -22.87% in over the last four-week period, additionally sinking by -45.91% over the last 6 months – not to mention a drop of -31.20% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for IO stock in for the last two-week period is set at 38.44, with the RSI for the last a single of trading hit 38.75, and the three-weeks RSI is set at 39.77 for ION Geophysical Corporation [IO]. The present Moving Average for the last 50 days of trading for this stock 2.0080, while it was recorded at 1.6800 for the last single week of trading, and 2.2811 for the last 200 days.

Insight into ION Geophysical Corporation Fundamentals:

ION Geophysical Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.50 and a Current Ratio set at 0.60.

IO Stock EPS

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for IO. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for ION Geophysical Corporation go to 18.00%.

ION Geophysical Corporation [IO] Insider Position Details

There are presently around $6 million, or 38.50% of IO stock, in the hands of institutional investors. The top three institutional holders of IO stocks are: RENAISSANCE TECHNOLOGIES LLC with ownership of 890,267, which is approximately -11.352% of the company’s market cap and around 5.70% of the total institutional ownership; VANGUARD GROUP INC, holding 469,040 shares of the stock with an approximate value of $0.81 million in IO stocks shares; and MORGAN STANLEY, currently with $0.61 million in IO stock with ownership of nearly 47055.556% of the company’s market capitalization.

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21 institutional holders increased their position in ION Geophysical Corporation [NYSE:IO] by around 777,113 shares. Additionally, 15 investors decreased positions by around 377,262 shares, while 8 investors held positions by with 2,181,432 shares. The mentioned changes placed institutional holdings at 3,335,807 shares, according to the latest SEC report filing. IO stock had 8 new institutional investments in for a total of 78,989 shares, while 8 institutional investors sold positions of 142,028 shares during the same period.

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