Short Interest in Superior Drilling Products Inc (NYSEAMERICAN:SDPI) Drops By 49.3%

Superior Drilling Products Inc (NYSEAMERICAN:SDPI) was the recipient of a significant drop in short interest in the month of October. As of October 15th, there was short interest totalling 39,000 shares, a drop of 49.3% from the September 15th total of 76,900 shares. Based on an average daily volume of 43,800 shares, the short-interest ratio is presently 0.9 days. Approximately 0.4% of the shares of the stock are sold short.

A hedge fund recently bought a new stake in Superior Drilling Products stock. JPMorgan Chase & Co. purchased a new position in shares of Superior Drilling Products Inc (NYSEAMERICAN:SDPI) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 662,911 shares of the oil and gas company’s stock, valued at approximately $670,000. JPMorgan Chase & Co. owned approximately 2.65% of Superior Drilling Products at the end of the most recent reporting period.

Several analysts recently commented on the stock. Imperial Capital reduced their price objective on shares of Superior Drilling Products from $2.00 to $1.50 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Roth Capital set a $1.00 target price on shares of Superior Drilling Products and gave the stock a “buy” rating in a research report on Monday, September 9th. Finally, Zacks Investment Research cut shares of Superior Drilling Products from a “hold” rating to a “sell” rating in a research report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating and three have given a buy rating to the stock. Superior Drilling Products presently has an average rating of “Buy” and a consensus price target of $1.25.

SDPI traded up $0.01 during midday trading on Monday, reaching $0.89. 10,100 shares of the company’s stock were exchanged, compared to its average volume of 97,787. Superior Drilling Products has a 1-year low of $0.75 and a 1-year high of $4.13.

Superior Drilling Products (NYSEAMERICAN:SDPI) last announced its earnings results on Wednesday, July 31st. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). The business had revenue of $4.54 million for the quarter, compared to the consensus estimate of $5.30 million.

About Superior Drilling Products

Superior Drilling Products, Inc, a drilling and completion tool technology company, innovates, designs, engineers, manufactures, sells, rents, and repairs drilling and completion tools in the United States and internationally. The company manufactures and refurbishes polycrystalline diamond compact drill bits for an oil field services company.

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