Drilling Tools International Co. (NASDAQ:DTI) Sees Large Growth in Short Interest

Drilling Tools International Co. (NASDAQ:DTI) saw a significant increase in short interest in August. As of August 31st, there was short interest totalling 242,200 shares, an increase of 7.4% from the August 15th total of 225,500 shares. Currently, 2.4% of the company’s stock are short sold. Based on an average daily volume of 66,800 shares, the days-to-cover ratio is currently 3.6 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 for the company in a research note on Wednesday, August 7th.

Institutional Investors Weigh In On Drilling Tools International

Several institutional investors have recently modified their holdings of DTI. Solidarity Wealth LLC boosted its position in shares of Drilling Tools International by 250.0% in the 4th quarter. Solidarity Wealth LLC now owns 277,227 shares of the company’s stock worth $887,000 after buying an additional 198,020 shares in the last quarter. Concurrent Investment Advisors LLC raised its position in shares of Drilling Tools International by 30.8% during the 1st quarter. Concurrent Investment Advisors LLC now owns 85,000 shares of the company’s stock worth $255,000 after purchasing an additional 20,000 shares during the last quarter. Fifth Lane Capital LP lifted its stake in Drilling Tools International by 12.6% in the 1st quarter. Fifth Lane Capital LP now owns 45,000 shares of the company’s stock valued at $135,000 after buying an additional 5,024 shares in the last quarter. Rhumbline Advisers acquired a new stake in Drilling Tools International during the 2nd quarter valued at $49,000. Finally, Bank of New York Mellon Corp purchased a new position in Drilling Tools International during the second quarter worth $99,000. Hedge funds and other institutional investors own 2.79% of the company’s stock.

Drilling Tools International Stock Performance

NASDAQ:DTI opened at $3.94 on Tuesday. The firm has a market cap of $136.76 million, a price-to-earnings ratio of 9.16, a price-to-earnings-growth ratio of 1.11 and a beta of -0.98. 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 has a 1-year low of $2.43 and a 1-year high of $6.36. The firm’s fifty day moving average price is $4.57 and its 200 day moving average price is $4.75.

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

Drilling Tools International Company Profile

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.