Investors are wondering why shares of Ion Geophysical Corp (NYSE:IO) have taken such a large hit today, even though the company has not released any notable news. It is very interesting to note that the company is scheduled to release their fourth quarter and year-end 2015 financial results tomorrow. This leads us to believe that perhaps some information has leaked out to someone. There is no reason a stock should suddenly trade at close to 30% lower than its previous closing price a day prior to an earnings report unless someone thinks they know something. The stock as taken a hit all day long, steadily falling starting at around 10:15 A.M ET. It is currently trading at just $0.26 over it’s 52-week low, a low which was set earlier this afternoon.
Tomorrow’s earnings report should be interesting. The stock is down 29.40% or $1.72 following the news, hitting $4.13 per share. About 109,328 shares traded hands or 185.57% up from the average. IO has declined 70.45% since July 6, 2015 and is downtrending. It has underperformed the S&P500 by 60.98%.
From a total of 2 analysts covering Ion Geophysical Corp (NYSE:IO) stock, 0 rate it a “Buy”, 1 a “Sell”, and 1 a “Hold”. This means that 0 of the ratings are positive. Ion Geophysical Corp was the topic of 4 analyst reports since August 10, 2015 according to the firm StockzIntelligence Inc. Zacks downgraded shares on September 3 to a “Sell” rating.
The institutional sentiment decreased to 0.76 in Q2 2015. It’s down 0.19, from 0.95 in 2015Q2. The ratio fall, as 19 funds sold all their Ion Geophysical Corp shares they owned while 36 reduced their positions. 9 funds bought stakes while 33 increased their total positions. Institutions now own 89.53 million shares which is 4.72% less than the previous share count of 93.96 million in 2015Q2.
Counsel Portfolio Services Inc. holds 0.03% of its total portfolio in Ion Geophysical Corp, equating to 791,037 shares. Mckinley Capital Management Llc Delaware owns 1.22 million shares representing 0.02% of their total US portfolio. Moreover, Advisor Partners Llc has 0.01% of their total portfolio invested in the company, equating to 49,184 shares. The United Kingdom-based Gsa Capital Partners Llp has a total of 0.01% of their portfolio invested in the stock. Invesco Ltd., a Georgia-based fund reported 31.80 million shares owned.
ION Geophysical Corporation is a global technology-focused firm that provides geophysical technology, services and solutions to the global gas and oil industry. The company has a market cap of $42.12 million. The Firm offers services and products through four divisions: Solutions, Systems, Software and Ocean Bottom Services (OBS). It currently has negative earnings. The Company’s Solutions segment offers GeoVentures service and GX Technology.