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

Drilling Tools International Co. (NASDAQ:DTI) saw a large increase in short interest in September. As of September 30th, there was short interest totalling 270,500 shares, an increase of 7.5% from the September 15th total of 251,700 shares. Approximately 2.7% of the shares of the stock are sold short. Based on an average daily volume of 46,500 shares, the days-to-cover ratio is currently 5.8 days.

Wall Street Analyst Weigh In

Separately, Alliance Global Partners reduced their price objective on Drilling Tools International from $8.50 to $7.50 and set a “buy” rating on the stock in a research note on Wednesday, August 7th.

Drilling Tools International Price Performance

NASDAQ:DTI traded up $0.12 during trading hours on Wednesday, hitting $3.57. The company’s stock had a trading volume of 22,921 shares, compared to its average volume of 48,435. The stock has a fifty day simple moving average of $3.91 and a 200-day simple moving average of $4.87. Drilling Tools International has a twelve month low of $2.43 and a twelve month high of $6.36. The company has a market capitalization of $106.28 million, a P/E ratio of 8.02, a PEG ratio of 0.99 and a beta of -0.99. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.97 and a quick ratio of 1.50.

Drilling Tools International (NASDAQ:DTI) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). Drilling Tools International had a net margin of 7.85% and a return on equity of 16.64%. The firm had revenue of $37.53 million for the quarter, compared to analyst estimates of $42.72 million. On average, analysts anticipate that Drilling Tools International will post 0.37 EPS for the current fiscal year.

Institutional Trading of Drilling Tools International

Hedge funds have recently made changes to their positions in the company. Rhumbline Advisers bought a new position in shares of Drilling Tools International during the second quarter worth about $49,000. Concurrent Investment Advisors LLC raised its position in shares of Drilling Tools International by 30.8% during the first quarter. Concurrent Investment Advisors LLC now owns 85,000 shares of the company’s stock worth $255,000 after acquiring an additional 20,000 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of Drilling Tools International during the second quarter worth about $99,000. Woodstock Corp bought a new position in shares of Drilling Tools International during the third quarter worth about $57,000. Finally, Fifth Lane Capital LP raised its position in shares of Drilling Tools International by 12.6% during the first quarter. Fifth Lane Capital LP now owns 45,000 shares of the company’s stock worth $135,000 after acquiring an additional 5,024 shares during the last quarter. 2.79% of the stock is owned by institutional investors and hedge funds.

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.