What the Hell Happened at Mitcham Industries, Inc. (MIND)?

Stay Ahead of Wall Street. Find out what is happening to Mitcham Industries, Inc. (NASDAQ:MIND) stock today? Its price is jumping 0.16 points, trading at $3.89 levels, and is up 4.29% from its previous close of $3.73. The shares seem to have an active trading volume day with a reported 114536 contracts so far this session. MIND shares had a relatively better volume day versus average trading capacity of 40.48 million shares, but with a 11.11 million float and a -5.57% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for MIND stock indicates that the average analyst price target is $7 per share. This means the stock has a potential increase of 79.95% from where the MIND share price has been trading recently which is between $3.7 and $3.8. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $7.

The shorts are running away from Mitcham Industries, Inc. (MIND) stock. The latest set of short interest data was released on 28 June 2019, and the numbers show a drop in short interest in MIND shares. While short interest still represents only 0.39% of MIND’s float, the number of shares shorted have fallen by -1132. The number of shares shorted fell to 41786 shares, down from 42918 shares during the preceding fortnight. With average daily trading volumes at 28303 shares, days to cover increased to about 1.094344 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Mitcham Industries Declares Cash Dividend on its 9.00% Series A Cumulative Preferred Stock” and dated July 05, 2019.

During the recent trading session for Mitcham Industries, Inc. (NASDAQ:MIND), the company witnessed their stock drop by $-0.06 over a week and tumble down $-0.02 from the price 20 days ago. When compared to their established 52-week high of $4.39, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 10/26/18. The recent low of $2.5 stood for a -11.48% since 12/31/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.99 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 Mitcham Industries, Inc., the two-week RSI stands at 51.76. This figure suggests that MIND stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current MIND readings is similarly very revealing as it has a stochastic reading of 36.4% at this stage. This figure means that MIND share price today is being neutral.

Technical chart claims that Mitcham Industries, Inc. (MIND) would settle between $3.79/share to $3.84/share level. However, if the stock price goes below the $3.69 mark, then the market for Mitcham Industries, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $3.64 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.07. 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 Sidoti raised their recommendation on shares of MIND from Neutral to Buy in their opinion released on September 23. Global Hunter Securities analysts have lowered their rating of Mitcham Industries, Inc. (NASDAQ:MIND) stock from Buy to Accumulate in a separate flash note issued to investors on May 19. Analysts at Global Hunter Securities are sticking to their Buy stance. However, on July 13, they lifted price target for these shares to $25 from $22.

MIND equity has an average rating of 1, with the figure leaning towards a bullish end. 1 analysts who tracked the company were contacted by Reuters. Amongst them, 0 rated the stock as a hold while the remaining 1 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 1 analysts rated Mitcham Industries, Inc. (NASDAQ:MIND) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.

Moving on, MIND stock price is currently trading at 0X forward 12-month Consensus EPS estimates, and its P/S ratio is 0.87 while for the average stock in the same group, the multiple is 2.29.