1,741,638 Shares in Drilling Tools International Corp. $DTI Acquired by Private Management Group Inc.

Key Points

• Private Management Group Inc. acquired 1,741,638 shares of Drilling Tools International in the second quarter, valued at approximately $3.36 million and representing a 4.94% stake.
• DTI shares recently rose 2.4% to $2.54, but the company missed quarterly earnings and revenue expectations, reporting a $0.02 loss per share on $38.07 million in revenue.
• Analyst sentiment is mixed, with ratings ranging from Strong Buy to Sell; the overall consensus is Hold, with an average price target of $2.80.

Private Management Group Inc. bought a new stake in Drilling Tools International Corp. (NASDAQ:DTI - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 1,741,638 shares of the company's stock, valued at approximately $3,361,000. Private Management Group Inc. owned 4.94% of Drilling Tools International as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. XTX Topco Ltd boosted its holdings in shares of Drilling Tools International by 52.3% in 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 during the last quarter. Qube Research & Technologies Ltd purchased a new stake in Drilling Tools International during the second quarter valued at about $49,000. Citadel Advisors LLC acquired a new stake in Drilling Tools International during the third quarter worth about $55,000. Veradace Capital Management LLC acquired a new stake in Drilling Tools International during the fourth quarter worth about $62,000. Finally, Jane Street Group LLC purchased a new position in shares of Drilling Tools International in the 4th quarter worth about $69,000. Institutional investors and hedge funds own 2.79% of the company's stock.

Drilling Tools International Stock Up 2.4%

Shares of NASDAQ DTI opened at $2.54 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.58 and a current ratio of 2.18. Drilling Tools International Corp. has a 1 year low of $1.65 and a 1 year high of $4.69. The stock's 50-day simple moving average is $2.29 and its 200-day simple moving average is $2.97. The firm has a market cap of $89.61 million, a price-to-earnings ratio of -28.22, a PEG ratio of 2.82 and a beta of -0.63.

Drilling Tools International (NASDAQ:DTI - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.02) EPS for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.01). Drilling Tools International had a negative net margin of 1.97% and a positive return on equity of 0.58%. The business had revenue of $38.07 million during the quarter, compared to analysts' expectations of $38.72 million. As a group, equities analysts anticipate that Drilling Tools International Corp. will post 0.1 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

DTI has been the topic of several research reports. Jefferies Financial Group restated a "hold" rating and issued a $2.80 price target on shares of Drilling Tools International in a report on Sunday, August 9th. Zacks Research upgraded shares of Drilling Tools International from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 10th. Wall Street Zen lowered shares of Drilling Tools International from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Finally, Weiss Ratings downgraded shares of Drilling Tools International from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Drilling Tools International has an average rating of "Hold" and an average target price of $2.80.

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.

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