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Stock Alert: ION Geophysical Shares Soar 36%

Shares of ION Geophysical Corp. (IO) are currently trading at $3.02, up 80 cents or 36.42%, with trading volume of 2.94 million versus an average volume of 1.77 million shares. The stock has been trading in the range of $1.13 - $10.73 for the past one year.

The company expects second-quarter revenues to be about $22 million, increasing cash to about $40 million, excluding net revolver borrowings at June 30, 2020, an improvement of about $24 million over the prior quarter. Wall Street analysts estimate revenue of $29.53 million for the quarter.

Total liquidity, consisting of cash on hand and available borrowing base capacity under the revolving credit facility, is expected to exceed $70 million at quarter end.

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