Insider Buying: Drilling Tools International (NASDAQ:DTI) CEO Buys $164,000.00 in Stock

Drilling Tools International Corp. (NASDAQ:DTI) CEO Robert Wayne Prejean bought 100,000 shares of Drilling Tools International stock in a transaction that occurred on Monday, November 9th. The shares were acquired at an average price of $1.64 per share, for a total transaction of $164,000.00. Following the completion of the transaction, the chief executive officer directly owned 591,076 shares of the company’s stock, valued at $969,364.64. This trade represents a 20.36% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Drilling Tools International Stock Performance

DTI opened at $1.72 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.58 and a current ratio of 2.08. The business has a 50-day moving average of $2.07 and a two-hundred day moving average of $2.77. Drilling Tools International Corp. has a 12 month low of $1.35 and a 12 month high of $4.69.

Drilling Tools International (NASDAQ:DTI) last posted its quarterly earnings data on Thursday, November 5th. The company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.05). Drilling Tools International had a negative net margin of 3.06% and a negative return on equity of 0.40%. The company had revenue of $40.65 million for the quarter, compared to analyst estimates of $40.87 million. Sell-side analysts anticipate that Drilling Tools International Corp. will post -0.02 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on DTI shares. Zacks Research lowered shares of Drilling Tools International from a “hold” rating to a “strong sell” rating in a research report on Monday. Jefferies Financial Group reiterated a “hold” rating and issued a $2.80 price target on shares of Drilling Tools International in a report on Sunday, August 9th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Drilling Tools International in a research note on Monday, October 26th. One analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Sell” and an average price target of $2.80.

Institutional Investors Weigh In On Drilling Tools International

Several institutional investors and hedge funds have recently added to or reduced their stakes in DTI. Private Management Group Inc. purchased a new stake in shares of Drilling Tools International during the 2nd quarter worth about $3,361,000. Walleye Capital LLC purchased a new position in Drilling Tools International in the first quarter valued at approximately $1,243,000. Arrowstreet Capital Limited Partnership purchased a new position in Drilling Tools International in the first quarter valued at approximately $954,000. Bank of America Corp DE raised its holdings in Drilling Tools International by 567,520.0% in the first quarter. Bank of America Corp DE now owns 141,905 shares of the company’s stock valued at $614,000 after buying an additional 141,880 shares during the period. Finally, BlackRock Inc. acquired a new position in Drilling Tools International during the second quarter valued at approximately $254,000. 2.79% of the stock is currently owned by institutional investors and hedge funds.

Drilling Tools International Company Profile

Drilling Tools International Corporation (NASDAQ: DTI) provides rental tools and related services to the oil and gas drilling industry. The company supplies downhole equipment used in drilling, completion and production operations, serving exploration and production companies, drilling contractors and oilfield service providers. Its product offering includes drill pipe, drill collars, heavy-weight drill pipe, stabilizers, subs, mud motors, drilling jars and other specialized downhole tools. Drilling Tools International also provides equipment inspection, maintenance, repair, refurbishment and machining services intended to support the safe and efficient use of drilling equipment.