Superior Drilling Products Inc (SDPI) Sees Large Decrease in Short Interest

Superior Drilling Products Inc (NYSEAMERICAN:SDPI) saw a significant decline in short interest in the month of December. As of December 31st, there was short interest totalling 221,201 shares, a decline of 24.4% from the December 14th total of 292,426 shares. Currently, 2.0% of the shares of the company are short sold. Based on an average daily trading volume, of 171,121 shares, the days-to-cover ratio is presently 1.3 days.

SDPI has been the topic of several analyst reports. TheStreet downgraded shares of Superior Drilling Products from a “c” rating to a “d+” rating in a report on Monday, December 10th. Imperial Capital lowered their price target on shares of Superior Drilling Products from $5.00 to $3.00 and set an “outperform” rating on the stock in a report on Wednesday, November 28th. Zacks Investment Research downgraded shares of Superior Drilling Products from a “buy” rating to a “hold” rating in a report on Thursday, November 15th. Finally, Roth Capital downgraded shares of Superior Drilling Products from a “buy” rating to a “neutral” rating in a report on Tuesday, September 18th.

SDPI stock opened at $1.48 on Friday. Superior Drilling Products has a one year low of $1.02 and a one year high of $5.05.

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

Several hedge funds have recently added to or reduced their stakes in SDPI. EAM Investors LLC purchased a new position in shares of Superior Drilling Products in the third quarter worth $731,000. Renaissance Technologies LLC lifted its holdings in shares of Superior Drilling Products by 121.8% in the second 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. Vanguard Group Inc lifted its holdings in shares of Superior Drilling Products by 85.1% in the third quarter. Vanguard Group Inc now owns 267,307 shares of the oil and gas company’s stock worth $853,000 after buying an additional 122,906 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Superior Drilling Products by 85.1% in the third quarter. Vanguard Group Inc. now owns 267,307 shares of the oil and gas company’s stock worth $853,000 after buying an additional 122,906 shares in the last quarter. Finally, Bailard Inc. purchased a new position in shares of Superior Drilling Products in the third quarter worth $129,000.

TRADEMARK VIOLATION NOTICE: “Superior Drilling Products Inc (SDPI) Sees Large Decrease in Short Interest” was originally published by Sports Perspectives and is the property of of Sports Perspectives. If you are viewing this story on another publication, it was copied illegally and republished in violation of US & international trademark and copyright legislation. The original version of this story can be viewed at https://sportsperspectives.com/2019/01/12/superior-drilling-products-inc-sdpi-sees-large-decrease-in-short-interest.html.

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.

Featured Article: Analyzing a company’s cash flow statement

Receive News & Ratings for Superior Drilling Products Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Superior Drilling Products and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply