Drilling Tools International (NASDAQ:DTI) Stock: Insider Ira Harris Green, Jr. Buys 25,000 Shares

Drilling Tools International Corp. (NASDAQ:DTI) Director Ira Harris Green, Jr. bought 25,000 shares of Drilling Tools International stock in a transaction dated Monday, November 9th. The stock was acquired at an average price of $1.63 per share, with a total value of $40,750.00. Following the purchase, the director directly owned 42,207 shares of the company’s stock, valued at approximately $68,797.41. This represents a 145.29% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website.

Drilling Tools International Stock Up 8.8%

DTI opened at $1.61 on Thursday. Drilling Tools International Corp. has a 12 month low of $1.35 and a 12 month high of $4.69. The company has a market cap of $56.80 million, a PE ratio of -12.38, a price-to-earnings-growth ratio of 4.11 and a beta of -0.56. The company has a current ratio of 2.08, a quick ratio of 1.58 and a debt-to-equity ratio of 0.37. The company has a 50 day moving average of $2.09 and a 200 day moving average of $2.79.

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 firm had revenue of $40.65 million during the quarter, compared to the consensus estimate 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, sell-side analysts expect that Drilling Tools International Corp. will post -0.02 EPS for the current year.

Analyst Upgrades and Downgrades

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

Top Drilling Tools International Stories

These are some of the DTI stories that stood out recently:

• Positive Sentiment: Three insiders bought a combined 155,350 shares for about $255,000. CEO Robert Prejean purchased 100,000 shares, with the CFO and director also increasing their holdings. CEO SEC filing
• Neutral Sentiment: A report showed short interest of zero shares, offering no evidence of a significant short position or potential short-squeeze catalyst.
• Negative Sentiment: Zacks Research downgraded DTI from “hold” to “strong sell,” adding to concerns about the stock’s outlook. Zacks Research ratings

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Private Management Group Inc. lifted its holdings in Drilling Tools International by 65.4% in the 3rd quarter. Private Management Group Inc. now owns 2,880,194 shares of the company’s stock valued at $6,668,000 after purchasing an additional 1,138,556 shares in the last quarter. Walleye Capital LLC purchased a new stake in shares of Drilling Tools International during the first quarter worth $1,243,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Drilling Tools International during the first quarter worth $954,000. Bank of America Corp DE grew its holdings in shares of Drilling Tools International by 567,520.0% during the first quarter. Bank of America Corp DE now owns 141,905 shares of the company’s stock worth $614,000 after buying an additional 141,880 shares in the last quarter. Finally, BlackRock Inc. acquired a new stake in shares of Drilling Tools International in the second quarter valued at about $254,000. 2.79% of the stock is owned by institutional investors and hedge funds.

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.