ION Geophysical Corporation (NYSE:IO) is among the top losers of the stock market today, sinking -10.06% or (-0.97 points) to $8.63 from its previous close of $9.6. Does this decline mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 108652 contracts so far this session. IO shares had a relatively better volume day versus average trading capacity of 163.71 thousand shares, but with a 10.31 million float and a -10.86% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for IO stock indicates that the average analyst price target is $25 per share. This means the stock has a potential increase of 189.69% from where the IO share price has been trading recently which is between $9.51 and $10.33. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $19.
The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “ION awarded Hart Energy Meritorious Award for Engineering Innovation in HSE for Marlin operations optimization software” and dated May 07, 2019.
During the recent trading session for ION Geophysical Corporation (NYSE:IO), the company witnessed their stock drop by $-1.45 over a week and tumble down $-5.38 from the price 20 days ago. When compared to their established 52-week high of $28.9, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 05/18/18. The recent low of $4.53 stood for a -70.63% since 12/26/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 3.69 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for ION Geophysical Corporation, the two-week RSI stands at 28.37. This figure suggests that IO stock, for now, is overbought, meaning that the shares are not stable in terms of price movement. The stochastic readings, on the other hand, based on the current IO readings is similarly very revealing as it has a stochastic reading of 12.12% at this stage. This figure means that IO share price today is being overbought.
Technical chart claims that ION Geophysical Corporation (IO) would settle between $10.12/share to $10.63/share level. However, if the stock price goes below the $9.3 mark, then the market for ION Geophysical Corporation becomes much weaker. If that happens, the stock price might even plunge as low as $8.99 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.57. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Oppenheimer lowered their recommendation on shares of IO from Outperform to Perform in their opinion released on November 02. Janney, analysts launched coverage of ION Geophysical Corporation (NYSE:IO) stock with a Buy recommendation, according to their flash note issued to investors on May 29. Analysts at Oppenheimer, made their first call for the equity with a Outperform recommendation, according to a research note that dated back to March 29.
Moving on, IO stock price is currently trading at 0X forward 12-month Consensus EPS estimates, and its P/S ratio is 0.55 while for the average stock in the same group, the multiple is 2.28.
ION Geophysical Corporation (IO)’s current-quarter revenues are projected to climb by nearly 3.88% to hit $25.7 million, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over 2.14% from $180040 to a noteworthy $183900. At the other end of the current quarter income statement, ION Geophysical Corporation is expected to see its adjusted earnings surge by roughly 52.98% to hit $-0.79 per share. For the fiscal year, IO’s earnings are projected to climb by roughly 58.23% to hit $-0.99 per share.