Drilling Tools International (NASDAQ:DTI) Releases Quarterly Earnings Results

Drilling Tools International (NASDAQ:DTI) issued its quarterly earnings results on Thursday. The company reported $0.04 EPS for the quarter, FiscalAI reports. The company had revenue of $38.51 million during the quarter, compared to analysts’ expectations of $37.02 million. Drilling Tools International had a negative net margin of 2.36% and a positive return on equity of 1.88%.

Drilling Tools International Stock Performance

Shares of Drilling Tools International stock opened at $3.61 on Friday. The stock’s fifty day simple moving average is $3.48 and its 200 day simple moving average is $2.71. Drilling Tools International has a 12 month low of $1.43 and a 12 month high of $4.38. The company has a market capitalization of $127.07 million, a PE ratio of -30.08, a PEG ratio of 2.45 and a beta of -0.34. The company has a current ratio of 2.04, a quick ratio of 1.47 and a debt-to-equity ratio of 0.37.

Analyst Ratings Changes

A number of brokerages have issued reports on DTI. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Drilling Tools International in a research note on Wednesday, January 21st. Wall Street Zen upgraded shares of Drilling Tools International to a “hold” rating in a research report on Saturday, January 17th. Finally, Zacks Research downgraded Drilling Tools International from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 6th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce”.

Insider Activity at Drilling Tools International

In related news, insider Michael Wayne Jr. Domino sold 24,996 shares of the business’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 completion of the sale, the insider directly owned 1,433,054 shares in the company, valued at approximately $5,732,216. The trade was a 1.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold 35,411 shares of company stock worth $137,249 over the last quarter. 56.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Drilling Tools International

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Veradace Capital Management LLC bought a new position in shares of Drilling Tools International in the fourth quarter worth $62,000. XTX Topco Ltd grew its stake in Drilling Tools International by 52.3% during the fourth quarter. XTX Topco Ltd now owns 16,026 shares of the company’s stock worth $39,000 after buying an additional 5,504 shares in the last quarter. Gendell Jeffrey L increased its holdings in Drilling Tools International by 29.2% in the 4th quarter. Gendell Jeffrey L now owns 2,439,737 shares of the company’s stock valued at $5,977,000 after buying an additional 552,046 shares during the period. Jane Street Group LLC bought a new position in Drilling Tools International in the 4th quarter valued at about $69,000. Finally, Goldman Sachs Group Inc. acquired a new position in shares of Drilling Tools International in the 4th quarter valued at approximately $178,000. 2.79% of the stock is owned by institutional investors and hedge funds.

Drilling Tools International Company Profile

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.