Drilling Tools International (NASDAQ:DTI) Price Target Cut to $7.50

Drilling Tools International (NASDAQ:DTI) had its price target dropped by equities researchers at Alliance Global Partners from $8.50 to $7.50 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Alliance Global Partners’ target price suggests a potential upside of 78.57% from the company’s current price.

Drilling Tools International Stock Up 0.7 %

DTI traded up $0.03 on Wednesday, reaching $4.20. 26,758 shares of the company traded hands, compared to its average volume of 51,865. The company has a market cap of $125.03 million, a price-to-earnings ratio of 9.77, a PEG ratio of 0.90 and a beta of -0.92. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.92 and a quick ratio of 1.59. The stock’s 50 day moving average price is $5.55 and its 200-day moving average price is $4.54. Drilling Tools International has a 52-week low of $2.43 and a 52-week high of $6.36.

Drilling Tools International (NASDAQ:DTI) last issued its earnings results on Thursday, May 9th. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.02). Drilling Tools International had a net margin of 8.21% and a return on equity of 14.88%. The firm had revenue of $36.97 million during the quarter. On average, sell-side analysts expect that Drilling Tools International will post 0.62 EPS for the current fiscal year.

Institutional Trading of Drilling Tools International

Hedge funds have recently modified their holdings of the company. Solidarity Wealth LLC grew its holdings in shares of Drilling Tools International by 250.0% in the 4th quarter. Solidarity Wealth LLC now owns 277,227 shares of the company’s stock worth $887,000 after purchasing an additional 198,020 shares during the last quarter. Concurrent Investment Advisors LLC grew its stake in Drilling Tools International by 30.8% during the first quarter. Concurrent Investment Advisors LLC now owns 85,000 shares of the company’s stock worth $255,000 after buying an additional 20,000 shares during the last quarter. Fifth Lane Capital LP increased its holdings in shares of Drilling Tools International by 12.6% during the first quarter. Fifth Lane Capital LP now owns 45,000 shares of the company’s stock worth $135,000 after buying an additional 5,024 shares in the last quarter. Rhumbline Advisers acquired a new stake in shares of Drilling Tools International during the second quarter worth approximately $49,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Drilling Tools International in the second quarter valued at approximately $99,000. 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.