Geospace Rallied in Holiday Week; Monday Test Still Looms
Geospace Technologies Corp. finished the shortened week up, even after dropping 4.49% Friday to close at $8.30. Shares traded between $8.21 and $8.57 on the day, with about 133,000 shares changing hands. For the week, the seismic and smart-water technology stock climbed about 2.5% from last Friday’s $8.10 close. It's relevant now because this move followed a tough financial update from earlier in May, not any new catalyst from the company. The market is weighing Geospace's cost reductions and work on new projects against ongoing weak demand in smart-water and continued cash burn.