ION Geophysical Stock Soars (IO)

NEW YORK ( TheStreet) -- Shares of ION Geophysical Corporation (NYSE: IO) have taken a tremendous swing upward. The stock is trading at $7.60 as of 10:55 a.m. ET, 20.7% above Wednesday's closing price of $6.30. Volume is at 2.9 million, 1.7 times the daily average of 1.7 million.

ION Geophysical has a market cap of $988.3 million and is part of the technology sector and electronics industry. Shares are up 2.8% year to date as of the close of trading on Wednesday.

ION Geophysical Corporation provides geophysical technology, services, and solutions for the oil and gas industry internationally. It operates through four segments: Solutions, Systems, Software, and INOVA Geophysical. The company has a P/E ratio of 42.1, equal to the average electronics industry P/E ratio and above the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates ION Geophysical as a hold. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, unimpressive growth in net income and weak operating cash flow. You can view the full ION Geophysical Ratings Report.

See our top % gaining stocks list for other stocks that are soaring today, or get investment ideas from our investment research center.
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