Alliance Global Partners Issues Pessimistic Forecast for Drilling Tools International (NASDAQ:DTI) Stock Price

Drilling Tools International (NASDAQ:DTI) had its price target reduced by investment analysts at Alliance Global Partners from $7.50 to $5.50 in a report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Alliance Global Partners’ target price would suggest a potential upside of 57.82% from the company’s previous close.

Drilling Tools International Stock Up 0.4 %

Shares of NASDAQ:DTI opened at $3.49 on Friday. The firm’s 50-day moving average is $3.60 and its two-hundred day moving average is $4.64. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.97 and a quick ratio of 1.50. Drilling Tools International has a 1 year low of $2.43 and a 1 year high of $6.36. The firm has a market capitalization of $120.95 million, a PE ratio of 12.45, a price-to-earnings-growth ratio of 1.05 and a beta of -0.96.

Hedge Funds Weigh In On Drilling Tools International

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC grew its stake in shares of Drilling Tools International by 31.5% during the third quarter. Geode Capital Management LLC now owns 209,808 shares of the company’s stock worth $783,000 after purchasing an additional 50,236 shares in the last quarter. Shaolin Capital Management LLC grew its position in shares of Drilling Tools International by 14.0% during the first quarter. Shaolin Capital Management LLC now owns 83,217 shares of the company’s stock worth $250,000 after acquiring an additional 10,204 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Drilling Tools International by 28.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 28,283 shares of the company’s stock valued at $105,000 after purchasing an additional 6,201 shares during the period. Bank of New York Mellon Corp acquired a new position in Drilling Tools International in the 2nd quarter valued at about $99,000. Finally, Barclays PLC increased its holdings in shares of Drilling Tools International by 414.6% in the third quarter. Barclays PLC now owns 16,730 shares of the company’s stock valued at $62,000 after purchasing an additional 13,479 shares during the period. Hedge funds and other institutional investors 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.