Private Management Group Inc. Acquires Shares of 1,741,638 Drilling Tools International Corp. $DTI

Private Management Group Inc. acquired a new position in shares of Drilling Tools International Corp. (NASDAQ:DTI) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 1,741,638 shares of the company’s stock, valued at approximately $3,361,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. XTX Topco Ltd increased its position in shares of Drilling Tools International by 52.3% in the 4th quarter. XTX Topco Ltd now owns 16,026 shares of the company’s stock worth $39,000 after purchasing an additional 5,504 shares during the last quarter. Qube Research & Technologies Ltd bought a new position in shares of Drilling Tools International during the second quarter worth about $49,000. OMERS ADMINISTRATION Corp acquired a new position in Drilling Tools International in the first quarter worth about $80,000. Citadel Advisors LLC acquired a new position in Drilling Tools International in the third quarter worth about $55,000. Finally, Veradace Capital Management LLC acquired a new position in Drilling Tools International in the fourth quarter worth about $62,000. Institutional investors own 2.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on DTI shares. Wall Street Zen cut Drilling Tools International from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Zacks Research upgraded Drilling Tools International from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 10th. Jefferies Financial Group reiterated a “hold” rating and issued a $2.80 target price on shares of Drilling Tools International in a research report on Sunday, August 9th. Finally, Weiss Ratings downgraded Drilling Tools International from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $2.80.

Drilling Tools International Trading Up 2.4%

Drilling Tools International stock opened at $2.54 on Friday. Drilling Tools International Corp. has a 1 year low of $1.65 and a 1 year high of $4.69. The firm’s 50-day moving average is $2.29 and its 200-day moving average is $2.97. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.58 and a current ratio of 2.18. The company has a market cap of $89.61 million, a P/E ratio of -28.22, a PEG ratio of 2.82 and a beta of -0.63.

Drilling Tools International (NASDAQ:DTI) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). The business had revenue of $38.07 million for the quarter, compared to the consensus estimate of $38.72 million. Drilling Tools International had a negative net margin of 1.97% and a positive return on equity of 0.58%. On average, equities analysts expect that Drilling Tools International Corp. will post 0.1 earnings per share for the current year.

Drilling Tools International 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.