Drilling Tools International (NASDAQ:DTI) Trading Down 7.5% - Should You Sell?

Shares of Drilling Tools International Corp. (NASDAQ:DTI - Get Free Report) traded down 7.5% on Monday . The stock traded as low as $2.77 and last traded at $2.85. 60,556 shares changed hands during mid-day trading, a decline of 4% from the average session volume of 63,035 shares. The stock had previously closed at $3.08.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised shares of Drilling Tools International from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd.

Drilling Tools International Stock Performance

The company has a debt-to-equity ratio of 0.40, a current ratio of 1.94 and a quick ratio of 1.41. The firm has a fifty day simple moving average of $2.75 and a 200 day simple moving average of $2.82. The company has a market cap of $104.63 million, a price-to-earnings ratio of 10.54, a P/E/G ratio of 4.37 and a beta of -0.38.

Drilling Tools International (NASDAQ:DTI - Get Free Report) last released its quarterly earnings data on Tuesday, May 13th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.02). Drilling Tools International had a positive return on equity of 7.79% and a negative net margin of 1.11%. The company had revenue of $42.88 million for the quarter, compared to analyst estimates of $38.53 million. On average, sell-side analysts expect that Drilling Tools International Corp. will post 0.38 earnings per share for the current fiscal year.

Drilling Tools International declared that its Board of Directors has approved a share buyback plan on Tuesday, May 13th that authorizes the company to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 10.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its shares are undervalued.

Institutional Investors Weigh In On Drilling Tools International

Institutional investors and hedge funds have recently bought and sold shares of the company. Cresset Asset Management LLC bought a new stake in Drilling Tools International in the 4th quarter valued at about $252,000. Perritt Capital Management Inc purchased a new position in Drilling Tools International in the 4th quarter valued at approximately $114,000. Mariner LLC bought a new stake in shares of Drilling Tools International during the fourth quarter valued at about $86,000. JPMorgan Chase & Co. increased its holdings in shares of Drilling Tools International by 114.6% in the fourth quarter. JPMorgan Chase & Co. now owns 43,441 shares of the company's stock worth $142,000 after purchasing an additional 23,200 shares during the period. Finally, Nuveen LLC bought a new position in shares of Drilling Tools International in the first quarter worth approximately $40,000. Institutional investors 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.