Insider Buying: Drilling Tools International (NASDAQ:DTI) Director Acquires $40,750.00 in Stock

Drilling Tools International Corp. (NASDAQ:DTI) Director Ira Harris Green, Jr. bought 25,000 shares of the company’s stock in a transaction that occurred on Monday, November 9th. The stock was acquired at an average cost of $1.63 per share, for a total transaction of $40,750.00. Following the acquisition, the director directly owned 42,207 shares of the company’s stock, valued at $68,797.41. The trade was a 145.29% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Drilling Tools International Stock Up 6.8%

Drilling Tools International stock opened at $1.72 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.58 and a current ratio of 2.08. The stock’s fifty day moving average is $2.07 and its two-hundred day moving average is $2.77. Drilling Tools International Corp. has a 1-year low of $1.35 and a 1-year high of $4.69.

Drilling Tools International (NASDAQ:DTI) last released its quarterly earnings data on Thursday, November 5th. The company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.05). The business had revenue of $40.65 million during the quarter, compared to analysts’ expectations of $40.87 million. Drilling Tools International had a negative net margin of 3.06% and a negative return on equity of 0.40%. On average, equities research analysts anticipate that Drilling Tools International Corp. will post -0.02 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Zacks Research lowered shares of Drilling Tools International from a “hold” rating to a “strong sell” rating in a research note on Monday. Jefferies Financial Group restated a “hold” rating and set a $2.80 price objective on shares of Drilling Tools International in a research report on Sunday, August 9th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Drilling Tools International in a research report on Monday, October 26th. One analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Sell” and an average price target of $2.80.

Institutional Trading of Drilling Tools International

Several institutional investors and hedge funds have recently made changes to their positions in DTI. Bfsg LLC boosted its position in shares of Drilling Tools International by 45.1% in the 3rd quarter. Bfsg LLC now owns 21,265 shares of the company’s stock valued at $49,000 after purchasing an additional 6,610 shares during the period. Squarepoint Ops LLC acquired a new position in Drilling Tools International during the second quarter worth approximately $34,000. OMERS ADMINISTRATION Corp purchased a new stake in Drilling Tools International in the first quarter valued at approximately $80,000. Engineers Gate Manager LP lifted its stake in Drilling Tools International by 129.2% in the second quarter. Engineers Gate Manager LP now owns 37,825 shares of the company’s stock valued at $73,000 after buying an additional 21,319 shares during the last quarter. Finally, AXQ Capital LP lifted its stake in Drilling Tools International by 93.5% in the second quarter. AXQ Capital LP now owns 48,048 shares of the company’s stock valued at $93,000 after buying an additional 23,213 shares during the last quarter. 2.79% of the stock is owned by hedge funds and other institutional investors.

Drilling Tools International Company Profile

Drilling Tools International Corporation (NASDAQ: DTI) provides rental tools and related services to the oil and gas drilling industry. The company supplies downhole equipment used in drilling, completion and production operations, serving exploration and production companies, drilling contractors and oilfield service providers. Its product offering includes drill pipe, drill collars, heavy-weight drill pipe, stabilizers, subs, mud motors, drilling jars and other specialized downhole tools. Drilling Tools International also provides equipment inspection, maintenance, repair, refurbishment and machining services intended to support the safe and efficient use of drilling equipment.