ION Geophysical Corporation [IO] moved up 46.29: Why It’s Important


ION Geophysical Corporation [NYSE: IO] gained 46.29% or 0.22 points to close at $0.69 with a heavy trading volume of 16508544 shares. The company report on April 22, 2022 that ION Receives Non-compliance Notice from NYSE Regarding 10-K Filing Delinquency.

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ION Geophysical Corporation (NYSE:IO) today announced that on April 18, 2022 it received a letter from the New York Stock Exchange (the “NYSE”) notifying the Company that it is not in compliance with the NYSE’s continued listing standards given the Company failed to timely file its Form 10-K for the year ended December 31, 2021. The filing delinquency is due to the Company’s filing for voluntary Chapter 11 relief on April 12, 2022.

The NYSE will monitor the status of the Company’s late filing and related public disclosures for up to a six-month period from its due date. If the Company fails to file its delayed filing and any subsequent delayed filings within six months from the filing due date, the NYSE may, in its sole discretion, allow the Company’s securities to trade for up to an additional six months depending on specific circumstances, as outlined in Section 802.01E of the Listed Company Manual. If the NYSE determines that an additional six-month trading period is not appropriate, suspension and delisting procedures will commence.

It opened the trading session at $0.4341, the shares rose to $0.688 and dropped to $0.4305, the range by which the price of stock traded the whole day. The daily chart for IO points out that the company has recorded -64.72% loss over the past six months. However, it is still -97.14% lower than its most recent low trading price.

If we look at the average trading volume of 5.85M shares, IO reached to a volume of 16508544 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about ION Geophysical Corporation [IO]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for IO shares is $2.60 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on IO stock is a recommendation set at 2.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

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 0.29.

Trading performance analysis for IO stock

ION Geophysical Corporation [IO] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 75.42. With this latest performance, IO shares dropped by -36.30% in over the last four-week period, additionally sinking by -64.72% over the last 6 months – not to mention a drop of -70.22% 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 49.51, with the RSI for the last a single of trading hit 52.06, and the three-weeks RSI is set at 48.59 for ION Geophysical Corporation [IO]. The present Moving Average for the last 50 days of trading for this stock 0.7583, while it was recorded at 0.5746 for the last single week of trading, and 1.2117 for the last 200 days.

ION Geophysical Corporation [IO]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and ION Geophysical Corporation [IO] shares currently have an operating margin of -7.56 and a Gross Margin at +34.91. ION Geophysical Corporation’s Net Margin is presently recorded at -30.34.

Return on Total Capital for IO is now -7.50, given the latest momentum, and Return on Invested Capital for the company is -94.20. Additionally, IO Total Debt to Total Capital is recorded at 162.15, with Total Debt to Total Assets ending up at 97.98.

Reflecting on the efficiency of the workforce at the company, ION Geophysical Corporation [IO] managed to generate an average of -$86,974 per employee. Receivables Turnover for the company is 4.04 with a Total Asset Turnover recorded at a value of 0.57.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.

ION Geophysical Corporation [IO]: An earnings per share (EPS) analysis

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%.

An analysis of insider ownership at ION Geophysical Corporation [IO]

There are presently around $2 million, or 20.20% of IO stock, in the hands of institutional investors. The top three institutional holders of IO stocks are: GATES CAPITAL MANAGEMENT, INC. with ownership of 2,672,096, which is approximately -9.539% of the company’s market cap and around 5.30% of the total institutional ownership; VANGUARD GROUP INC, holding 910,310 shares of the stock with an approximate value of $0.43 million in IO stocks shares; and NEUBERGER BERMAN GROUP LLC, currently with $0.12 million in IO stock with ownership of nearly -0.329% of the company’s market capitalization.

Positions in ION Geophysical Corporation stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 19 institutional holders increased their position in ION Geophysical Corporation [NYSE:IO] by around 341,736 shares. Additionally, 20 investors decreased positions by around 772,660 shares, while 7 investors held positions by with 3,768,577 shares. The mentioned changes placed institutional holdings at 4,882,973 shares, according to the latest SEC report filing. IO stock had 11 new institutional investments in for a total of 228,469 shares, while 10 institutional investors sold positions of 373,430 shares during the same period.