Wall Street Zen Upgrades Drilling Tools International (NASDAQ:DTI) to “Strong-Buy”

Drilling Tools International (NASDAQ:DTI) was upgraded by research analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Saturday.

Several other equities analysts have also commented on the company. Weiss Ratings reissued a “sell (d)” rating on shares of Drilling Tools International in a research report on Wednesday, January 21st. Zacks Research raised Drilling Tools International from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 10th. One research analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Drilling Tools International has a consensus rating of “Moderate Buy”.

Drilling Tools International Stock Performance

Drilling Tools International stock opened at $3.39 on Friday. The stock’s 50 day moving average price is $3.77 and its 200 day moving average price is $3.03. The firm has a market capitalization of $119.29 million, a PE ratio of -28.25, a price-to-earnings-growth ratio of 1.98 and a beta of -0.47. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.52 and a current ratio of 2.11. Drilling Tools International has a one year low of $1.65 and a one year high of $4.69.

Drilling Tools International (NASDAQ:DTI) last released its quarterly earnings results on Thursday, March 5th. The company reported $0.04 EPS for the quarter. The firm had revenue of $38.51 million for the quarter, compared to analyst estimates of $37.02 million. Drilling Tools International had a positive return on equity of 1.88% and a negative net margin of 2.36%. As a group, sell-side analysts expect that Drilling Tools International will post 0.38 EPS for the current fiscal year.

Insider Activity

In other Drilling Tools International news, insider Michael Wayne Jr. Domino sold 24,996 shares of the company’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $4.00, for a total value of $99,984.00. Following the transaction, the insider directly owned 1,433,054 shares of the company’s stock, valued at $5,732,216. This represents a 1.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last quarter, insiders sold 35,411 shares of company stock valued at $139,186. Corporate insiders own 17.10% of the company’s stock.

Hedge Funds Weigh In On Drilling Tools International

Institutional investors have recently made changes to their positions in the business. Sanders Morris Harris LLC acquired a new position in shares of Drilling Tools International in the 3rd quarter valued at approximately $34,000. XTX Topco Ltd raised its position in shares of Drilling Tools International by 52.3% during the 4th quarter. XTX Topco Ltd now owns 16,026 shares of the company’s stock valued at $39,000 after acquiring an additional 5,504 shares in the last quarter. Qube Research & Technologies Ltd acquired a new stake in shares of Drilling Tools International during the 2nd quarter valued at approximately $49,000. Citadel Advisors LLC acquired a new stake in shares of Drilling Tools International during the 3rd quarter valued at approximately $55,000. Finally, Veradace Capital Management LLC acquired a new stake in shares of Drilling Tools International during the 4th quarter valued at approximately $62,000. 2.79% of the stock is owned by institutional investors and hedge funds.

About Drilling Tools International

Drilling Tools International Corporation provides oilfield equipment and services to oil and natural gas sectors in North America, Europe, and the Middle East. It offers downhole tool rentals, machining, and inspection services to support the global drilling and wellbore construction industry. The company also provides products are bottom hole assembly components, such as stabilizers, subs, non-magnetic and steel drill collars, hole openers, and roller reamers, as well as drill pipe and drill pipe accessories; ancillary equipment and handling tools to support its rental platform, including float valves, ring gauges, tool baskets, lift bail, lift subs, mud magnets, elevators, bracket and bail assemblies, slips, tongs, stabbing guides and safety clamps; and blowout preventers, and pressure control accessory equipment.