Drilling Tools International (NASDAQ:DTI) Shares Down 0.4% - Here's Why

Drilling Tools International Corp. (NASDAQ:DTI - Get Free Report)'s stock price was down 0.4% on Wednesday . The stock traded as low as $2.30 and last traded at $2.31. Approximately 12,813 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 64,724 shares. The stock had previously closed at $2.32.

Wall Street Analysts Forecast Growth

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

Drilling Tools International Stock Down 2.6%

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 $79.01 million, a price-to-earnings ratio of -44.39, a price-to-earnings-growth ratio of 3.29 and a beta of -0.38. The firm's fifty day simple moving average is $2.78 and its two-hundred day simple moving average is $2.73.

Drilling Tools International (NASDAQ:DTI - Get Free Report) last issued its quarterly earnings data on Tuesday, May 13th. The company reported $0.02 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 during the quarter, compared to analyst estimates of $38.53 million. Sell-side analysts anticipate that Drilling Tools International Corp. will post 0.38 EPS for the current year.

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

Institutional Investors Weigh In On Drilling Tools International

Hedge funds have recently bought and sold shares of the stock. XTX Topco Ltd purchased a new stake in shares of Drilling Tools International in the 1st quarter valued at approximately $32,000. Nuveen LLC purchased a new position in shares of Drilling Tools International in the 1st quarter valued at $40,000. Dimensional Fund Advisors LP purchased a new position in shares of Drilling Tools International in the 4th quarter valued at $43,000. BNP Paribas Financial Markets purchased a new position in shares of Drilling Tools International in the 4th quarter valued at $46,000. Finally, Wellington Management Group LLP purchased a new position in shares of Drilling Tools International in the 4th quarter valued at $52,000. 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.