Drilling Tools International (NASDAQ:DTI) Stock Price Down 7.5% - Here's Why

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

Analyst Upgrades and Downgrades

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

Drilling Tools International Stock Performance

The firm has a 50-day simple moving average of $2.67 and a two-hundred day simple moving average of $2.82. The company has a current ratio of 1.94, a quick ratio of 1.41 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $102.50 million, a price-to-earnings ratio of -57.59, a price-to-earnings-growth ratio of 4.56 and a beta of -0.44.

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

Drilling Tools International announced that its board has initiated a stock repurchase plan on Tuesday, May 13th that allows the company to repurchase $10.00 million in shares. This repurchase authorization allows the company to reacquire up to 10.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its shares are undervalued.

Institutional Investors Weigh In On Drilling Tools International

A number of large investors have recently bought and sold shares of DTI. XTX Topco Ltd acquired a new position in Drilling Tools International in the 1st quarter valued at $32,000. Nuveen LLC acquired a new stake in shares of Drilling Tools International in the first quarter valued at about $40,000. Rhumbline Advisers boosted its stake in Drilling Tools International by 42.8% during the 4th quarter. Rhumbline Advisers now owns 12,689 shares of the company's stock valued at $41,000 after purchasing an additional 3,806 shares during the period. Dimensional Fund Advisors LP acquired a new stake in Drilling Tools International in the 4th quarter valued at approximately $43,000. Finally, BNP Paribas Financial Markets bought a new position in Drilling Tools International in the 4th quarter worth approximately $46,000. 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.