XTX Topco Ltd Takes $32,000 Position in Drilling Tools International Corp. (NASDAQ:DTI)

XTX Topco Ltd purchased a new position in shares of Drilling Tools International Corp. (NASDAQ:DTI) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 13,712 shares of the company’s stock, valued at approximately $32,000.

Other large investors also recently added to or reduced their stakes in the company. Cresset Asset Management LLC acquired a new stake in shares of Drilling Tools International in the fourth quarter valued at about $252,000. Northern Trust Corp boosted its stake in shares of Drilling Tools International by 6.7% in the fourth quarter. Northern Trust Corp now owns 73,848 shares of the company’s stock valued at $241,000 after purchasing an additional 4,639 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Drilling Tools International by 114.6% in the fourth quarter. JPMorgan Chase & Co. now owns 43,441 shares of the company’s stock valued at $142,000 after purchasing an additional 23,200 shares during the period. Mariner LLC purchased a new position in Drilling Tools International in the fourth quarter worth approximately $86,000. Finally, Bank of New York Mellon Corp lifted its stake in Drilling Tools International by 38.0% in the first quarter. Bank of New York Mellon Corp now owns 22,526 shares of the company’s stock worth $53,000 after acquiring an additional 6,203 shares during the last quarter. 2.79% of the stock is currently owned by institutional investors and hedge funds.

Drilling Tools International Price Performance

Drilling Tools International stock opened at $2.00 on Friday. Drilling Tools International Corp. has a 52 week low of $1.43 and a 52 week high of $4.47. The company has a quick ratio of 1.41, a current ratio of 1.94 and a debt-to-equity ratio of 0.40. The firm’s 50-day simple moving average is $2.61 and its 200 day simple moving average is $2.59. The firm has a market capitalization of $71.18 million, a PE ratio of -15.38, a P/E/G ratio of 2.96 and a beta of -0.41.

Drilling Tools International (NASDAQ:DTI) last posted its quarterly earnings data on Wednesday, August 13th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.06). The company had revenue of $39.42 million for the quarter, compared to analyst estimates of $40.14 million. Drilling Tools International had a negative net margin of 2.81% and a positive return on equity of 4.30%. On average, equities research analysts predict that Drilling Tools International Corp. will post 0.38 EPS for the current fiscal year.

Drilling Tools International announced that its board has initiated a stock buyback plan on Tuesday, May 13th that permits the company to buyback $10.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 10.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised shares of Drilling Tools International from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd.

Drilling Tools International 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.