Drilling Tools International (NASDAQ:DTI) Shares Down 1.8% – Here’s Why

Drilling Tools International Corp. (NASDAQ:DTI) traded down 1.8% during trading on Wednesday . The company traded as low as $2.75 and last traded at $2.78. 235,246 shares changed hands during trading, a decline of 18% from the average session volume of 286,039 shares. The stock had previously closed at $2.83.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Zacks Research lowered Drilling Tools International from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 7th. Weiss Ratings lowered Drilling Tools International from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 26th. Finally, Wall Street Zen downgraded shares of Drilling Tools International from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce”.

Drilling Tools International Stock Performance

The company has a market cap of $97.69 million, a P/E ratio of -25.27, a price-to-earnings-growth ratio of 3.49 and a beta of -0.66. The company has a quick ratio of 1.57, a current ratio of 2.15 and a debt-to-equity ratio of 0.38. The stock’s 50-day moving average price is $3.30 and its 200 day moving average price is $3.24.

Drilling Tools International (NASDAQ:DTI) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.03) EPS 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 firm had revenue of $37.96 million during the quarter, compared to the consensus estimate of $37.80 million. As a group, research analysts expect that Drilling Tools International Corp. will post 0.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Drilling Tools International

A number of institutional investors have recently made changes to their positions in the business. Bank of America Corp DE increased its stake in shares of Drilling Tools International by 567,520.0% in the first quarter. Bank of America Corp DE now owns 141,905 shares of the company’s stock worth $614,000 after purchasing an additional 141,880 shares during the period. OMERS ADMINISTRATION Corp bought a new position in shares of Drilling Tools International in the first quarter worth about $80,000. Renaissance Technologies LLC increased its stake in shares of Drilling Tools International by 204.4% in the first quarter. Renaissance Technologies LLC now owns 90,226 shares of the company’s stock worth $391,000 after purchasing an additional 60,586 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in shares of Drilling Tools International in the first quarter worth about $954,000. Finally, Walleye Capital LLC bought a new position in shares of Drilling Tools International in the first quarter worth about $1,243,000. 2.79% of the stock is currently owned by institutional investors.

About Drilling Tools International

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.