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Closing yesterday’s session at $1.54, the stock is trading 71.2% below its $5.35 all-time high. Furthermore, the stock’s price has declined 36.6% so far this year and 24.1% over the past month. IO is currently trading below its $2 and $2.82 respective 50-day and 200-day moving averages, which indicates a downtrend.
IO recently announced its preliminary financial outlook for the second quarter of 2021. It expects its revenues to be approximately $20 million, which represents a 13% decline year-over-year. Although the company has been making solid progress in its new 3D program in the North Sea, significantly lower multi-client data sales and a significant drop in crude oil prices, on OPEC and its allies’ recent agreement to increase output, could maintain the stock’s volatility in the coming months.
