Drilling Tools International Co. (NASDAQ:DTI) Short Interest Update

Drilling Tools International Co. (NASDAQ:DTI) saw a significant increase in short interest in the month of April. As of April 15th, there was short interest totalling 179,900 shares, an increase of 1,075.8% from the March 31st total of 15,300 shares. Approximately 3.6% of the company’s shares are sold short. Based on an average daily trading volume, of 38,300 shares, the days-to-cover ratio is presently 4.7 days.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group started coverage on shares of Drilling Tools International in a research note on Monday, February 26th. They set a “hold” rating and a $3.00 target price for the company.

Drilling Tools International Price Performance

NASDAQ DTI opened at $5.60 on Friday. The firm has a 50 day simple moving average of $3.67 and a 200-day simple moving average of $3.45. Drilling Tools International has a one year low of $2.43 and a one year high of $10.58.

Drilling Tools International (NASDAQ:DTI) last posted its quarterly earnings data on Wednesday, March 27th. The company reported $0.13 EPS for the quarter, meeting the consensus estimate of $0.13. Drilling Tools International had a net margin of 9.70% and a return on equity of 20.30%. The business had revenue of $35.19 million during the quarter. Equities research analysts expect that Drilling Tools International will post 0.69 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Solidarity Wealth LLC lifted its stake in Drilling Tools International by 250.0% in the fourth quarter. Solidarity Wealth LLC now owns 277,227 shares of the company’s stock worth $887,000 after acquiring an additional 198,020 shares during the last quarter. Shaolin Capital Management LLC lifted its stake in Drilling Tools International by 188.2% in the third quarter. Shaolin Capital Management LLC now owns 75,000 shares of the company’s stock worth $293,000 after acquiring an additional 159,998 shares during the last quarter. Finally, Global Retirement Partners LLC purchased a new position in Drilling Tools International in the third quarter worth approximately $192,000. Hedge funds and other institutional investors own 2.79% of the company’s stock.

About Drilling Tools International

Drilling Tools International Corporation provides oilfield equipment and services to oil and natural gas sectors in North America, Europe, and the Middle East. It offers downhole tool rentals, machining, and inspection services to support the global drilling and wellbore construction industry. The company also provides products are bottom hole assembly components, such as stabilizers, subs, non-magnetic and steel drill collars, hole openers, and roller reamers, as well as drill pipe and drill pipe accessories; ancillary equipment and handling tools to support its rental platform, including float valves, ring gauges, tool baskets, lift bail, lift subs, mud magnets, elevators, bracket and bail assemblies, slips, tongs, stabbing guides and safety clamps; and blowout preventers, and pressure control accessory equipment.