Drilling Tools International (NASDAQ:DTI) Issues Earnings Results

Drilling Tools International (NASDAQ:DTI) released its quarterly earnings results on Thursday. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.01), FiscalAI reports. The business had revenue of $38.07 million during the quarter, compared to analysts’ expectations of $38.72 million. Drilling Tools International had a negative net margin of 1.97% and a positive return on equity of 0.58%.

Drilling Tools International Price Performance

NASDAQ DTI traded down $0.07 during trading hours on Friday, reaching $2.28. 655,391 shares of the stock traded hands, compared to its average volume of 208,120. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.15 and a quick ratio of 1.57. The stock has a 50 day simple moving average of $2.32 and a two-hundred day simple moving average of $3.11. Drilling Tools International has a 1 year low of $1.65 and a 1 year high of $4.69. The company has a market cap of $80.12 million, a price-to-earnings ratio of -25.33, a price-to-earnings-growth ratio of 2.90 and a beta of -0.63.

Hedge Funds Weigh In On Drilling Tools International

Several institutional investors have recently modified their holdings of the company. Gendell Jeffrey L grew its position in Drilling Tools International by 29.2% during the fourth quarter. Gendell Jeffrey L now owns 2,439,737 shares of the company’s stock valued at $5,977,000 after acquiring an additional 552,046 shares during the last quarter. Cresset Asset Management LLC raised its stake in shares of Drilling Tools International by 184.5% during the third quarter. Cresset Asset Management LLC now owns 200,521 shares of the company’s stock worth $461,000 after acquiring an additional 130,032 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Drilling Tools International by 12.7% in the 4th quarter. Geode Capital Management LLC now owns 159,400 shares of the company’s stock worth $391,000 after acquiring an additional 17,926 shares during the last quarter. Goldman Sachs Group Inc. bought a new stake in shares of Drilling Tools International in the 4th quarter worth approximately $178,000. Finally, Bridgeway Capital Management LLC boosted its stake in shares of Drilling Tools International by 187.0% in the 2nd quarter. Bridgeway Capital Management LLC now owns 71,741 shares of the company’s stock valued at $204,000 after purchasing an additional 46,741 shares in the last quarter. 2.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

DTI has been the topic of several research analyst reports. Wall Street Zen cut shares of Drilling Tools International from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Zacks Research upgraded shares of Drilling Tools International from a “strong sell” rating to a “hold” rating in a research report on Friday, July 10th. Finally, Weiss Ratings cut shares of Drilling Tools International from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, July 28th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Drilling Tools International currently has a consensus rating of “Reduce”.

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.