Robert Wayne Prejean, chief executive officer and a director of Drilling Tools International Corp (NASDAQ:DTI), acquired 100,000 shares of the company's common stock in a transaction valued at $164,300. The purchase was executed on November 9, 2026, according to a regulatory filing.
The shares were bought at prices between $1.49 and $1.67, yielding a weighted average price of $1.643. As a result of the transaction, Prejean now directly holds 591,076 shares of Drilling Tools International common stock.
The insider buy comes at a time when the stock is trading close to its 52-week low of $1.35. Shares were recently changing hands at $1.48, reflecting a decline of roughly 49% over the past six months. According to an analysis, the stock appears undervalued at current levels.
Beyond common stock, Prejean's holdings include a range of derivative securities. He holds 213,270 restricted stock units (RSUs) that vest in substantially equal installments over four years beginning February 28, 2025. Additionally, he was granted 85,721 RSUs on February 27, 2026, which vest over three years from the grant date, contingent on continued service. Prejean also holds 257,162 performance stock units (PSUs), granted on February 27, 2026, which are tied to performance conditions based on EBITDA over a three-year vesting period.
Furthermore, Prejean holds stock options. These include 1,000,000 options, two-thirds of which have vested, with the remaining one-third scheduled to vest on February 14, 2024. Another 1,201,872 stock options are fully vested.
It was noted that Prejean may be deemed to have voting and dispositive power over shares held by Robjon Holdings, L.P., where he serves as President, Manager, and sole owner of Robjon LLC, the general partner of Robjon. He disclaims beneficial ownership of these shares, except to the extent of his pecuniary interest. An amendment to a previous filing clarified that 18,543 shares were withheld by Drilling Tools International Corp for taxes following the vesting of restricted stock units, correcting an earlier report.
In other recent developments, Drilling Tools International reported financial results for the third quarter, showing a narrower adjusted loss than previously. The company posted an adjusted loss of $0.01 per share, falling short of Wall Street's expectations, which had projected earnings of $0.06 per share. Revenue for the quarter reached $40.64 million, slightly below the anticipated $41.19 million. This revenue represents a 7% increase sequentially and a 5% rise compared to the same period last year, driven by stronger U.S. land activity and improved tool recovery sales. Despite these gains, the earnings miss highlights the challenges the company faces in meeting analyst expectations. These developments come amid ongoing efforts by Drilling Tools International to capitalize on North American drilling activity and offshore investments. Investors and analysts will be closely monitoring how the company navigates these challenges moving forward.