In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Superior Drilling Products Inc. (NYSEMKT:SDPI) reported that Lone Star Value Management has picked up 1,300,000 of common stock as of 2017-06-12.
The acquisition brings the aggregate amount owned by Lone Star Value Management to a total of 1,300,000 representing less than 5.4% stake in the company.
For those not familiar with the company,
Superior Drilling Products, Inc (SDPI) was founded in 1993 by our CEO, Troy Meier. , SDPI was formed and developed the first commercially viable process to remanufacture PDC drill bits in Vernal, Utah. As of 2016, SDPI continues to repair PDC bits for Baker Hughes at its technologically advanced PDC repair facility near its corporate headquarters in Vernal. In May of 2014, SDPI purchased Hard Rock Solutions, Inc (HRSI) and became a public company listed on the New York Stock Exchange. (NYSE:SDPI) The purchase of HRSI included the patented Drill-n-Ream tool which conditions horizontal well bores while drilling. The dual operation of conditioning and drilling saves oil and gas operators significant time and money.
A glance at Superior Drilling Products Inc. (NYSEMKT:SDPI)’s key stats reveals a current market capitalization of 15.95 Million based on 24.20 Million shares outstanding and a price at last close of $0.670 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2017-06-01, Meier picked up 5,000 at a purchase price of $0.80. This brings their total holding to 10,164,270 as of the date of the filing.
On the sell side, the most recent transaction saw Lone unload 50,000 shares at a sale price of $0.78. This brings their total holding to 1,997,458.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Superior Drilling Products Inc. (NYSEMKT:SDPI) as things move forward to see if its progress aligns with these transactions.
Subscribe below and we’ll keep you on top of what’s happening before it moves markets.