Superior Drilling Products (NYSE:SDPI) Coverage Initiated at StockNews.com

StockNews.com assumed coverage on shares of Superior Drilling Products (NYSE:SDPI) in a research note published on Saturday morning. The firm issued a buy rating on the stock.

Superior Drilling Products Trading Down 1.9 %

NYSE SDPI opened at $0.68 on Friday. Superior Drilling Products has a 1-year low of $0.58 and a 1-year high of $2.21. The company has a current ratio of 2.04, a quick ratio of 1.17 and a debt-to-equity ratio of 0.53. The stock has a 50-day moving average of $0.77 and a 200-day moving average of $1.01. The firm has a market cap of $20.73 million, a PE ratio of 9.74 and a beta of 0.42.

Institutional Investors Weigh In On Superior Drilling Products

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC raised its position in Superior Drilling Products by 3.5% during the 2nd quarter. Renaissance Technologies LLC now owns 403,184 shares of the company’s stock valued at $496,000 after purchasing an additional 13,636 shares during the last quarter. Jane Street Group LLC bought a new position in Superior Drilling Products during the 2nd quarter valued at approximately $43,000. Citadel Advisors LLC bought a new position in Superior Drilling Products during the 2nd quarter valued at approximately $85,000. Acadian Asset Management LLC bought a new position in Superior Drilling Products during the 3rd quarter valued at approximately $72,000. Finally, CreativeOne Wealth LLC bought a new position in Superior Drilling Products during the 3rd quarter valued at approximately $151,000. Institutional investors own 14.82% of the company’s stock.

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.