Superior Drilling Products (SDPI) Shares Up 11.5%

Superior Drilling Products Inc (NYSEAMERICAN:SDPI) shot up 11.5% during mid-day trading on Monday . The company traded as high as $4.49 and last traded at $4.18. 768,697 shares changed hands during mid-day trading, an increase of 677% from the average session volume of 98,931 shares. The stock had previously closed at $3.75.

A number of brokerages recently issued reports on SDPI. Zacks Investment Research upgraded Superior Drilling Products from a “hold” rating to a “buy” rating and set a $3.00 price objective on the stock in a research report on Thursday, September 13th. Roth Capital downgraded Superior Drilling Products from a “buy” rating to a “neutral” rating in a research report on Tuesday, September 18th.

Superior Drilling Products (NYSEAMERICAN:SDPI) last posted its earnings results on Thursday, August 2nd. The oil and gas company reported $0.04 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.03. The business had revenue of $5.40 million during the quarter, compared to the consensus estimate of $5.08 million.

A hedge fund recently raised its stake in Superior Drilling Products stock. Renaissance Technologies LLC grew its holdings in shares of Superior Drilling Products Inc (NYSEAMERICAN:SDPI) by 121.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 353,483 shares of the oil and gas company’s stock after purchasing an additional 194,078 shares during the period. Renaissance Technologies LLC owned approximately 1.44% of Superior Drilling Products worth $686,000 as of its most recent SEC filing.

About Superior Drilling Products (NYSEAMERICAN:SDPI)

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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