Short Interest in Drilling Tools International Co. (NASDAQ:DTI) Expands By 7.4%

Drilling Tools International Co. (NASDAQ:DTI) was the target of a significant increase in short interest in the month of 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. Based on an average daily trading volume, of 66,800 shares, the short-interest ratio is currently 3.6 days. Currently, 2.4% of the company’s shares are short sold.

Drilling Tools International Stock Up 0.7 %

NASDAQ:DTI traded up $0.03 during midday trading on Wednesday, reaching $4.05. The company had a trading volume of 29,469 shares, compared to its average volume of 49,394. The firm has a market capitalization of $140.58 million, a price-to-earnings ratio of 9.35, a PEG ratio of 1.11 and a beta of -0.98. The stock’s fifty day simple moving average is $4.54 and its 200-day simple moving average is $4.76. Drilling Tools International has a 12-month low of $2.43 and a 12-month high of $6.36. The company has a current ratio of 1.97, a quick ratio of 1.50 and a debt-to-equity ratio of 0.21.

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

Analyst Ratings Changes

Separately, Alliance Global Partners decreased their target price on Drilling Tools International from $8.50 to $7.50 and set a “buy” rating for the company in a report on Wednesday, August 7th.

Institutional Trading of Drilling Tools International

Institutional investors have recently bought and sold shares of the business. Solidarity Wealth LLC lifted its holdings in Drilling Tools International by 250.0% during 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 during the last quarter. Concurrent Investment Advisors LLC increased 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 purchasing an additional 20,000 shares in the last quarter. Fifth Lane Capital LP increased 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 purchasing an additional 5,024 shares in the last quarter. Rhumbline Advisers acquired a new stake in shares of Drilling Tools International during the second quarter worth about $49,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Drilling Tools International during the second quarter worth about $99,000. 2.79% of the stock is owned by hedge funds and other institutional investors.

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.