StockNews.com Initiates Coverage on Superior Drilling Products (NYSE:SDPI)

Stock analysts at StockNews.com initiated coverage on shares of Superior Drilling Products (NYSE:SDPI) in a report issued on Thursday. The firm set a “buy” rating on the stock.

Superior Drilling Products Stock Up 9.3 %

Shares of Superior Drilling Products stock opened at $1.24 on Thursday. Superior Drilling Products has a 1 year low of $0.58 and a 1 year high of $2.21. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.29 and a quick ratio of 1.59. The stock has a market cap of $37.53 million, a price-to-earnings ratio of 5.15 and a beta of 0.04. The firm’s 50-day moving average is $0.89 and its two-hundred day moving average is $0.79.

Superior Drilling Products (NYSE:SDPI) last released its quarterly earnings data on Thursday, March 7th. The company reported $0.18 earnings per share (EPS) for the quarter. The firm had revenue of $4.27 million for the quarter. Superior Drilling Products had a net margin of 35.46% and a return on equity of 62.62%.

Institutional Investors Weigh In On Superior Drilling Products

A number of hedge funds have recently made changes to their positions in the stock. Jane Street Group LLC purchased a new position in Superior Drilling Products in the second quarter valued at about $43,000. Acadian Asset Management LLC purchased a new position in shares of Superior Drilling Products in the 3rd quarter worth approximately $72,000. Citadel Advisors LLC bought a new position in shares of Superior Drilling Products during the 2nd quarter worth approximately $85,000. CreativeOne Wealth LLC bought a new position in shares of Superior Drilling Products during the 3rd quarter worth approximately $151,000. Finally, Renaissance Technologies LLC lifted its position in Superior Drilling Products by 11.0% during the first quarter. Renaissance Technologies LLC now owns 389,548 shares of the company’s stock valued at $348,000 after acquiring an additional 38,554 shares during the last quarter. 43.44% of the stock is currently owned by hedge funds and other institutional investors.

About Superior Drilling Products

Superior Drilling Products, Inc, a drilling and completion tool technology company, designs, engineers, manufactures, sells, rents, and repairs drilling and completion tools in North America and internationally. Its drilling solutions include Drill-N-Ream, a dual-section wellbore conditioning tool; Strider, a drill string oscillation system technology; and V-Stream, an advanced conditioning system.