Drilling Tools International (NASDAQ:DTI) Announces Quarterly Earnings Results

Drilling Tools International (NASDAQ:DTI) announced its earnings results on Thursday. The company reported $0.04 earnings per share (EPS) for the quarter, FiscalAI reports. Drilling Tools International had a negative net margin of 3.93% and a positive return on equity of 1.12%. The firm had revenue of $38.51 million during the quarter, compared to analyst estimates of $37.02 million.

Drilling Tools International Price Performance

Shares of NASDAQ DTI traded down $0.01 during trading hours on Thursday, hitting $3.31. 261,626 shares of the stock were exchanged, compared to its average volume of 228,436. The company’s fifty day simple moving average is $3.45 and its two-hundred day simple moving average is $2.69. The company has a market cap of $116.51 million, a PE ratio of -17.42, a price-to-earnings-growth ratio of 2.47 and a beta of -0.34. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.47 and a current ratio of 2.04. Drilling Tools International has a 1-year low of $1.43 and a 1-year high of $4.38.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on DTI shares. Wall Street Zen upgraded Drilling Tools International to a “hold” rating in a research report on Saturday, January 17th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Drilling Tools International in a research note on Wednesday, January 21st. Finally, Zacks Research cut Drilling Tools International from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 6th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Drilling Tools International currently has a consensus rating of “Reduce”.

Insiders Place Their Bets

In other Drilling Tools International news, insider Michael Wayne Jr. Domino sold 24,996 shares of the firm’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $4.00, for a total value of $99,984.00. Following the sale, the insider owned 1,433,054 shares of the company’s stock, valued at approximately $5,732,216. This trade represents a 1.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold 35,411 shares of company stock worth $137,249 in the last three months. 56.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Drilling Tools International

Several hedge funds have recently modified their holdings of the company. XTX Topco Ltd boosted its position in shares of Drilling Tools International by 52.3% during the 4th quarter. XTX Topco Ltd now owns 16,026 shares of the company’s stock valued at $39,000 after purchasing an additional 5,504 shares in the last quarter. Qube Research & Technologies Ltd acquired a new position in Drilling Tools International in the second quarter valued at approximately $49,000. Geode Capital Management LLC boosted its holdings in shares of Drilling Tools International by 12.7% during the 4th quarter. Geode Capital Management LLC now owns 159,400 shares of the company’s stock worth $391,000 after buying an additional 17,926 shares in the last quarter. Citadel Advisors LLC acquired a new stake in shares of Drilling Tools International during the 3rd quarter worth approximately $55,000. Finally, Veradace Capital Management LLC acquired a new stake in shares of Drilling Tools International during the 4th quarter worth approximately $62,000. Institutional investors and hedge funds own 2.79% of the company’s stock.

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.