Initiates Coverage on Superior Drilling Products (NYSEAMERICAN:SDPI) began coverage on shares of Superior Drilling Products (NYSEAMERICAN:SDPIGet Rating) in a research note issued on Wednesday. The firm set a “buy” rating on the oil and gas company’s stock.

Separately, EF Hutton Acquisition Co. I reissued a “buy” rating and set a $2.00 target price on shares of Superior Drilling Products in a report on Monday, March 13th.

Superior Drilling Products Price Performance

Superior Drilling Products stock opened at $1.11 on Wednesday. Superior Drilling Products has a 12 month low of $0.62 and a 12 month high of $1.34. The company has a current ratio of 1.34, a quick ratio of 1.10 and a debt-to-equity ratio of 1.47. The business’s 50 day simple moving average is $0.96 and its 200 day simple moving average is $0.95. The company has a market cap of $32.46 million, a price-to-earnings ratio of -15.85 and a beta of 0.13.

Superior Drilling Products (NYSEAMERICAN:SDPIGet Rating) last posted its quarterly earnings data on Thursday, May 11th. The oil and gas company reported $0.05 EPS for the quarter. Superior Drilling Products had a negative return on equity of 50.55% and a negative net margin of 16.75%. The business had revenue of $6.28 million for the quarter. Sell-side analysts forecast that Superior Drilling Products will post -0.05 EPS for the current year.

Insider Transactions at Superior Drilling Products

In other news, major shareholder Jeffrey E. Eberwein bought 50,000 shares of the company’s stock in a transaction dated Friday, March 24th. The stock was bought at an average cost of $0.84 per share, for a total transaction of $42,000.00. Following the completion of the acquisition, the insider now owns 2,250,000 shares in the company, valued at approximately $1,890,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders bought 125,896 shares of company stock worth $115,029. Company insiders own 50.10% of the company’s stock.

Hedge Funds Weigh In On Superior Drilling Products

A number of institutional investors and hedge funds have recently made changes to their positions in SDPI. Jane Street Group LLC purchased a new stake in Superior Drilling Products in the second quarter worth approximately $43,000. Renaissance Technologies LLC lifted its stake in shares of Superior Drilling Products by 11.0% during the 1st quarter. Renaissance Technologies LLC now owns 389,548 shares of the oil and gas company’s stock valued at $348,000 after buying an additional 38,554 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Superior Drilling Products by 120.9% during the 1st quarter. Vanguard Group Inc. now owns 451,851 shares of the oil and gas company’s stock valued at $479,000 after buying an additional 247,328 shares in the last quarter. Institutional investors own 9.52% of the company’s stock.

About Superior Drilling Products

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Superior Drilling Products, Inc engages in the manufacture, repair, sale and rental of drilling tools for the oil and natural gas drilling industry. Its drilling solutions include the patented Drill-N-Ream well bore conditioning tool, Strider oscillation system technology, completion tools, V-Stream, DR Stringer, and PDC Bit Repair.

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