StockNews.com Initiates Coverage on ION Geophysical (NYSE:IO)

StockNews.com initiated coverage on shares of ION Geophysical (NYSE:IO – Get Rating) in a research report issued to clients and investors on Thursday. The firm set a “hold” rating on the oil and gas company’s stock.

Separately, Alliance Global Partners lowered shares of ION Geophysical from a “buy” rating to a “sell” rating in a report on Tuesday, April 26th.

Shares of IO opened at $0.35 on Thursday. ION Geophysical has a 12-month low of $0.30 and a 12-month high of $2.67. The firm has a 50-day moving average price of $0.68 and a 200 day moving average price of $0.98. The firm has a market capitalization of $10.22 million, a P/E ratio of -0.15 and a beta of 3.38.

Several institutional investors and hedge funds have recently made changes to their positions in IO. Renaissance Technologies LLC purchased a new position in ION Geophysical during the first quarter worth about $202,000. Vanguard Group Inc. boosted its stake in ION Geophysical by 11.0% during the first quarter. Vanguard Group Inc. now owns 1,009,992 shares of the oil and gas company’s stock worth $881,000 after buying an additional 99,682 shares during the period. Bank of New York Mellon Corp boosted its stake in ION Geophysical by 1,930.7% during the first quarter. Bank of New York Mellon Corp now owns 91,992 shares of the oil and gas company’s stock worth $80,000 after buying an additional 87,462 shares during the period. Goldman Sachs Group Inc. purchased a new position in ION Geophysical during the fourth quarter worth about $69,000. Finally, Citadel Advisors LLC boosted its stake in ION Geophysical by 708.7% during the third quarter. Citadel Advisors LLC now owns 68,255 shares of the oil and gas company’s stock worth $91,000 after buying an additional 59,815 shares during the period. 16.49% of the stock is owned by hedge funds and other institutional investors.

About ION Geophysical (Get Rating)

ION Geophysical Corporation provides data-driven decision-making to offshore energy, and ports, and defense industries worldwide. The company operates through two segments, E&P Technology & Services and Operations Optimization. The E&P Technology & Services segment creates digital data assets and delivers services to help E&P companies improve decision-making and reduce risk.

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