Alliance Global Partners Cuts Drilling Tools International (NASDAQ:DTI) Price Target to $5.50

Drilling Tools International (NASDAQ:DTI) had its price objective decreased by stock analysts at Alliance Global Partners from $7.50 to $5.50 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Alliance Global Partners’ price target suggests a potential upside of 59.88% from the stock’s current price.

Drilling Tools International Stock Performance

Drilling Tools International stock traded down $0.03 during midday trading on Friday, reaching $3.44. 46,285 shares of the company traded hands, compared to its average volume of 49,668. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.97 and a quick ratio of 1.50. Drilling Tools International has a 12 month low of $2.43 and a 12 month high of $6.36. The firm has a market capitalization of $119.40 million, a price-to-earnings ratio of 12.39, a price-to-earnings-growth ratio of 1.05 and a beta of -0.96. The business has a 50 day moving average of $3.61 and a two-hundred day moving average of $4.68.

Hedge Funds Weigh In On Drilling Tools International

A number of institutional investors and hedge funds have recently made changes to their positions in DTI. Shaolin Capital Management LLC grew its stake in shares of Drilling Tools International by 14.0% during the 1st quarter. Shaolin Capital Management LLC now owns 83,217 shares of the company’s stock valued at $250,000 after acquiring an additional 10,204 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Drilling Tools International by 28.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 28,283 shares of the company’s stock worth $105,000 after purchasing an additional 6,201 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Drilling Tools International during the 2nd quarter valued at $99,000. Woodstock Corp purchased a new position in shares of Drilling Tools International during the 3rd quarter valued at $57,000. Finally, Gendell Jeffrey L purchased a new stake in Drilling Tools International in the 1st quarter worth $35,000. Hedge funds and other institutional investors own 2.79% of the company’s stock.

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.