Short Interest in Superior Drilling Products Inc (SDPI) Grows By 336.0%

Superior Drilling Products Inc (NYSEAMERICAN:SDPI) saw a significant increase in short interest in October. As of October 31st, there was short interest totalling 300,377 shares, an increase of 336.0% from the October 15th total of 68,894 shares. Approximately 2.7% of the shares of the stock are short sold. Based on an average trading volume of 564,981 shares, the short-interest ratio is currently 0.5 days.

SDPI stock opened at $2.47 on Friday. Superior Drilling Products has a one year low of $0.94 and a one year high of $5.05.

Superior Drilling Products (NYSEAMERICAN:SDPI) last released its quarterly earnings results on Thursday, November 8th. The oil and gas company reported $0.01 EPS for the quarter, missing the Zacks’ consensus estimate of $0.03 by ($0.02). The business had revenue of $4.77 million for the quarter, compared to analyst estimates of $5.82 million.

Several equities analysts recently commented on SDPI shares. Zacks Investment Research raised shares of Superior Drilling Products from a “hold” rating to a “buy” rating and set a $3.00 price objective for the company in a research note on Thursday, September 13th. Imperial Capital boosted their price objective on shares of Superior Drilling Products from $3.00 to $5.00 and gave the company an “outperform” rating in a research note on Thursday, October 18th. Finally, Roth Capital cut shares of Superior Drilling Products from a “buy” rating to a “neutral” rating in a research note on Tuesday, September 18th.

Hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. purchased a new position in Superior Drilling Products in the 3rd quarter worth approximately $106,000. Renaissance Technologies LLC grew its stake in Superior Drilling Products by 121.8% in the 2nd quarter. Renaissance Technologies LLC now owns 353,483 shares of the oil and gas company’s stock worth $686,000 after buying an additional 194,078 shares in the last quarter. Finally, EAM Investors LLC purchased a new position in Superior Drilling Products in the 3rd quarter worth approximately $731,000.

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About Superior Drilling Products

Superior Drilling Products, Inc, a drilling and completion tool technology company, innovates, designs, engineers, manufactures, sells, rents, and repairs drilling and completion tools in the United States and internationally. It is involved in the design and manufacture of new drill bit and horizontal drill string enhancement tools; and the refurbishment of polycrystalline diamond compact drill bits for the oil, natural gas, and mining service industries.

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