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

Drilling Tools International (NASDAQ:DTI) had its price target lowered by Alliance Global Partners from $7.50 to $5.50 in a research note issued to investors on Friday,Benzinga reports. Alliance Global Partners currently has a buy rating on the stock.

Drilling Tools International Stock Performance

DTI stock opened at $3.46 on Friday. The stock’s 50 day simple moving average is $3.60 and its 200 day simple moving average is $4.63. Drilling Tools International has a 12-month low of $2.43 and a 12-month high of $6.36. The firm has a market cap of $120.10 million, a P/E ratio of 12.18, a P/E/G ratio of 1.05 and a beta of -0.96. The company has a current ratio of 1.97, a quick ratio of 1.50 and a debt-to-equity ratio of 0.21.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of DTI. Geode Capital Management LLC raised its stake in 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 acquiring an additional 50,236 shares during the period. Bank of New York Mellon Corp bought a new position in shares of Drilling Tools International during the second quarter valued at approximately $99,000. Woodstock Corp acquired a new stake in shares of Drilling Tools International during the 3rd quarter worth approximately $57,000. Barclays PLC lifted its holdings in shares of Drilling Tools International by 414.6% in the 3rd quarter. Barclays PLC now owns 16,730 shares of the company’s stock worth $62,000 after purchasing an additional 13,479 shares during the last quarter. Finally, Gendell Jeffrey L acquired a new position in Drilling Tools International during the 1st quarter valued at approximately $35,000. 2.79% of the stock is owned by institutional investors and hedge funds.

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.