Drilling Tools International Corp. (NASDAQ:DTI) Sees Significant Increase in Short Interest

Drilling Tools International Corp. (NASDAQ:DTI) was the recipient of a large increase in short interest in the month of January. As of January 15th, there was short interest totaling 185,183 shares, an increase of 99.4% from the December 31st total of 92,850 shares. Approximately 0.6% of the company’s shares are sold short. Based on an average daily volume of 259,588 shares, the days-to-cover ratio is currently 0.7 days. Based on an average daily volume of 259,588 shares, the days-to-cover ratio is currently 0.7 days. Approximately 0.6% of the company’s shares are sold short.

Insider Buying and Selling at Drilling Tools International

In other news, insider Michael Wayne Jr. Domino sold 24,996 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $4.00, for a total transaction of $99,984.00. Following the transaction, the insider owned 1,433,054 shares of the company’s stock, valued at approximately $5,732,216. The trade was a 1.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders sold 31,245 shares of company stock worth $117,731. Insiders own 56.50% of the company’s stock.

Institutional Investors Weigh In On Drilling Tools International

A number of institutional investors have recently added to or reduced their stakes in the stock. Gendell Jeffrey L raised its holdings in Drilling Tools International by 20.9% in the second quarter. Gendell Jeffrey L now owns 1,414,027 shares of the company’s stock worth $4,030,000 after purchasing an additional 244,157 shares in the last quarter. Cresset Asset Management LLC grew its position in shares of Drilling Tools International by 184.5% in the 3rd quarter. Cresset Asset Management LLC now owns 200,521 shares of the company’s stock worth $461,000 after buying an additional 130,032 shares during the last quarter. Global Retirement Partners LLC purchased a new position in shares of Drilling Tools International in the 2nd quarter worth approximately $221,000. MAI Capital Management raised its stake in shares of Drilling Tools International by 8,394.3% during the 3rd quarter. MAI Capital Management now owns 65,831 shares of the company’s stock worth $151,000 after acquiring an additional 65,056 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in Drilling Tools International during the second quarter valued at approximately $139,000. Institutional investors own 2.79% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on DTI shares. Wall Street Zen raised Drilling Tools International to a “hold” rating in a research report on Saturday, January 17th. Zacks Research upgraded shares of Drilling Tools International from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 12th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Drilling Tools International in a report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Drilling Tools International currently has an average rating of “Moderate Buy”.

Drilling Tools International Stock Up 1.3%

Shares of DTI traded up $0.05 during mid-day trading on Friday, hitting $3.80. The company’s stock had a trading volume of 107,944 shares, compared to its average volume of 285,975. The company has a current ratio of 2.04, a quick ratio of 1.47 and a debt-to-equity ratio of 0.37. The company’s 50-day moving average is $2.94 and its 200-day moving average is $2.44. Drilling Tools International has a 52-week low of $1.43 and a 52-week high of $4.38. The firm has a market capitalization of $133.76 million, a price-to-earnings ratio of -20.00, a PEG ratio of 2.78 and a beta of -0.38.

Drilling Tools International (NASDAQ:DTI) last issued its quarterly earnings data on Thursday, November 6th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.03. The company had revenue of $38.82 million for the quarter, compared to analyst estimates of $36.18 million. Drilling Tools International had a negative net margin of 3.93% and a positive return on equity of 1.12%. On average, equities research analysts forecast that Drilling Tools International will post 0.38 EPS for the current fiscal year.

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.