Drilling Tools International (NASDAQ:DTI) Downgraded to Hold Rating by Zacks Research

Drilling Tools International (NASDAQ:DTI) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Thursday,Zacks.com reports.

Other analysts have also recently issued research reports about the company. Wall Street Zen cut Drilling Tools International from a “buy” rating to a “hold” rating in a research report on Saturday. Weiss Ratings cut Drilling Tools International from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday, April 29th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Drilling Tools International presently has a consensus rating of “Reduce”.

Drilling Tools International Stock Down 10.2%

NASDAQ:DTI opened at $3.00 on Thursday. Drilling Tools International has a 1-year low of $1.65 and a 1-year high of $4.69. The company has a 50-day moving average of $3.56 and a 200 day moving average of $3.15. The firm has a market cap of $105.57 million, a PE ratio of -27.27, a price-to-earnings-growth ratio of 1.95 and a beta of -0.60. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.11 and a quick ratio of 1.52.

Drilling Tools International (NASDAQ:DTI) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.04). The business had revenue of $37.96 million during the quarter, compared to analysts’ expectations of $37.80 million. Drilling Tools International had a positive return on equity of 0.45% and a negative net margin of 2.35%. As a group, research analysts anticipate that Drilling Tools International will post 0.19 EPS for the current fiscal year.

Institutional Investors Weigh In On Drilling Tools International

Hedge funds and other institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its holdings in shares of Drilling Tools International by 385.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 113,109 shares of the company’s stock valued at $488,000 after purchasing an additional 89,806 shares during the last quarter. Hillsdale Investment Management Inc. purchased a new stake in shares of Drilling Tools International during the 1st quarter valued at $391,000. Veradace Capital Management LLC purchased a new stake in shares of Drilling Tools International during the 4th quarter valued at $62,000. XTX Topco Ltd lifted its holdings 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 purchasing an additional 5,504 shares during the last quarter. Finally, Gendell Jeffrey L lifted its holdings in shares of Drilling Tools International by 29.2% during the 4th quarter. Gendell Jeffrey L now owns 2,439,737 shares of the company’s stock valued at $5,977,000 after purchasing an additional 552,046 shares during the last quarter. Hedge funds and other institutional investors own 2.79% of the company’s stock.

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.