MITCHAM INDUSTR/SH (NASDAQ:MIND) Short Interest Down 67.8% in July

MITCHAM INDUSTR/SH (NASDAQ:MIND) was the recipient of a significant decrease in short interest during the month of July. As of July 15th, there was short interest totalling 34,700 shares, a decrease of 67.8% from the June 30th total of 107,600 shares. Based on an average daily trading volume, of 234,600 shares, the days-to-cover ratio is currently 0.1 days. Currently, 0.3% of the company’s stock are short sold.

NASDAQ:MIND opened at $2.28 on Friday. MITCHAM INDUSTR/SH has a 52 week low of $0.70 and a 52 week high of $4.42. The company has a current ratio of 3.39, a quick ratio of 1.78 and a debt-to-equity ratio of 0.05. The company’s 50 day moving average price is $1.99 and its 200-day moving average price is $1.86.

MITCHAM INDUSTR/SH (NASDAQ:MIND) last issued its earnings results on Wednesday, June 10th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.28) by ($0.10). MITCHAM INDUSTR/SH had a negative return on equity of 46.46% and a negative net margin of 38.60%. The company had revenue of $7.38 million during the quarter.

In other news, COO Dennis Patrick Morris purchased 35,000 shares of the business’s stock in a transaction dated Wednesday, July 8th. The shares were purchased at an average price of $1.65 per share, for a total transaction of $57,750.00. Following the completion of the acquisition, the chief operating officer now directly owns 50,000 shares in the company, valued at approximately $82,500. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last quarter, insiders have bought 49,000 shares of company stock worth $81,770. Corporate insiders own 11.70% of the company’s stock.

A number of hedge funds have recently modified their holdings of MIND. Heritage Investors Management Corp boosted its holdings in MITCHAM INDUSTR/SH by 57.2% in the second quarter. Heritage Investors Management Corp now owns 24,252 shares of the company’s stock worth $39,000 after purchasing an additional 8,825 shares during the last quarter. Eidelman Virant Capital purchased a new stake in MITCHAM INDUSTR/SH in the second quarter worth approximately $81,000. Finally, White Pine Capital LLC boosted its holdings in MITCHAM INDUSTR/SH by 73.4% in the first quarter. White Pine Capital LLC now owns 523,145 shares of the company’s stock worth $654,000 after purchasing an additional 221,425 shares during the last quarter. Institutional investors own 70.18% of the company’s stock.

About MITCHAM INDUSTR/SH

Mitcham Industries, Inc, through its subsidiaries, provides technology to the oceanographic, hydrographic, defense, seismic and maritime security industries worldwide. The company operates in two segments, Marine Technology Products, and Equipment Leasing. The Marine Technology Products segment develops, manufactures, and sells proprietary products.

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