Zacks Research Downgrades Drilling Tools International (NASDAQ:DTI) to Hold

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

A number of other research firms also recently commented on DTI. Wall Street Zen downgraded shares of Drilling Tools International from a “buy” rating to a “hold” rating in a report on Saturday. Weiss Ratings lowered shares of Drilling Tools International from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday, April 29th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce”.

Drilling Tools International Price Performance

NASDAQ:DTI opened at $3.00 on Thursday. The company has a quick ratio of 1.52, a current ratio of 2.11 and a debt-to-equity ratio of 0.32. The business’s 50-day moving average price is $3.56 and its 200 day moving average price is $3.15. Drilling Tools International has a 52-week low of $1.65 and a 52-week high of $4.69. The firm has a market cap of $105.57 million, a P/E ratio of -27.27, a PEG ratio of 1.95 and a beta of -0.60.

Drilling Tools International (NASDAQ:DTI) last issued its quarterly earnings results 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). Drilling Tools International had a negative net margin of 2.35% and a positive return on equity of 0.45%. The business had revenue of $37.96 million during the quarter, compared to analyst estimates of $37.80 million. As a group, sell-side analysts predict that Drilling Tools International will post 0.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Drilling Tools International

Large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its position in shares of Drilling Tools International by 385.4% in the first quarter. Dimensional Fund Advisors LP now owns 113,109 shares of the company’s stock worth $488,000 after purchasing an additional 89,806 shares in the last quarter. Hillsdale Investment Management Inc. acquired a new position in Drilling Tools International in the 1st quarter valued at approximately $391,000. Veradace Capital Management LLC acquired a new position in Drilling Tools International in the 4th quarter valued at approximately $62,000. XTX Topco Ltd lifted its position in 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 buying an additional 5,504 shares in the last quarter. Finally, Gendell Jeffrey L lifted its position in Drilling Tools International by 29.2% in the 4th quarter. Gendell Jeffrey L now owns 2,439,737 shares of the company’s stock worth $5,977,000 after buying an additional 552,046 shares in the last quarter. Institutional investors and hedge funds 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.