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

Drilling Tools International Corp. (NASDAQ:DTI - Get Free Report)'s share price dropped 0.4% on Wednesday . The company traded as low as $2.30 and last traded at $2.31. Approximately 12,813 shares traded 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 Analyst Weigh In

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

Drilling Tools International Trading Down 2.6%

The firm has a market cap of $79.02 million, a price-to-earnings ratio of -44.39, a PEG ratio of 3.38 and a beta of -0.38. The company has a fifty day moving average price of $2.78 and a 200-day moving average price of $2.73. The company has a current ratio of 1.94, a quick ratio of 1.41 and a debt-to-equity ratio of 0.40.

Drilling Tools International (NASDAQ:DTI - Get Free Report) last issued 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 negative net margin of 1.11% and a positive return on equity of 7.79%. The company had revenue of $42.88 million during the quarter, compared to analyst estimates of $38.53 million. As a group, research analysts expect that Drilling Tools International Corp. will post 0.38 EPS for the current year.

Drilling Tools International declared that its Board of Directors has authorized a stock buyback 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 stock through open market purchases. Stock repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On Drilling Tools International

Several institutional investors and hedge funds have recently modified their holdings of DTI. Cresset Asset Management LLC acquired a new position in shares of Drilling Tools International during the 4th quarter worth approximately $252,000. Northern Trust Corp lifted its holdings in Drilling Tools International by 6.7% in the fourth quarter. Northern Trust Corp now owns 73,848 shares of the company's stock valued at $241,000 after acquiring an additional 4,639 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Drilling Tools International by 114.6% in the fourth quarter. JPMorgan Chase & Co. now owns 43,441 shares of the company's stock valued at $142,000 after acquiring an additional 23,200 shares during the last quarter. Perritt Capital Management Inc acquired a new position in Drilling Tools International in the fourth quarter valued at approximately $114,000. Finally, Mariner LLC acquired a new position in Drilling Tools International during the fourth quarter worth $86,000. Hedge funds and other 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.