HomeEquities ScoreWhy Superior Drilling Products Inc (SDPI) faced negativity in the after-hours on...

Why Superior Drilling Products Inc (SDPI) faced negativity in the after-hours on Thursday?

Superior Drilling Products Inc. (SDPI) shares plunged 14.29% in after-hours on Thursday, September 30, 2021, and closed the daily trading at $1.50. However, in the regular trading session of Thursday, SDPI’s stock gained 60.55%. SDPI shares have risen 325.89% over the last 12 months, and they have moved up 128.52% in the past week. Over the past three months, the stock has gained 89.70%, while over the past six months, it has soared 90.22%.

Let’s have a look at its recent news and developments.


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SDPI participation in the recent events

Superior Drilling Products, Inc. (SDPI) recently participated at Colliers Securities 2021 Institutional Investor Conference which was held on September 9, 2021.

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Earlier the company also participated in the Emerging Growth Conference which was held on September 1. 2021. The company was presented by Troy Meier, Chairman and Chief Executive Officer, and Christopher Cashion, Chief Financial Officer during the event.

SDPI recent financial results announcement

On August 13, 2021, Superior Drilling Products, Inc. (SDPI) reported its financial results for the second quarter of 2021 ended June 30, 2021.

Q2 2021 financial highlights

  • SDPI reported revenue of $3.4 million for Q2 2021 compared to $2.4 million in Q2 2020.
  • The cost of revenue was $ 1.23 million in Q2 2021 compared to $1.18 million in Q2 2020.
  • Total operating expenses were $3.3 million in Q2 2021 compared to $3.4 million in Q2 2020.
  • It suffered a net loss of $67,000 in Q2 2021 compared to $1.1 million in Q2 2020.
  • Adjusted EBITDA was $957,000 in Q2 2021 compared to $11,000 in Q2 2020.
  • As of June 30, 2021, the company had cash of $2.7 million compared to 2.0 million on December 31, 2020.

Conclusion

Well, after checking all platforms, we are unable to find any valid reason behind its exceptional gains and later its decline in the after-hours on Thursday. As Covid-19 Pandemic is getting over and petroleum products demand is increasing, that could be the only reason behind its Thursday’s performance.

>> 7 Top Picks for the Post-Pandemic Economy << 

 About the company

Superior Drilling Products, Inc. (SDPI) was founded by Troy Meier in 1993. The company built PDC Drill Bits and reaming tools. In 2010 the company partnered with Hard Rock Solutions to develop and patent a new design and technology Drill-n-Ream® tool which dramatically improves the time it takes to drill horizontally.

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