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

Drilling Tools International Corp. (NASDAQ:DTI) was the target of a large growth in short interest in the month of May. As of May 29th, there was short interest totaling 351,742 shares, a growth of 186.8% from the May 14th total of 122,623 shares. Currently, 1.2% of the company’s shares are short sold. Based on an average daily volume of 220,238 shares, the days-to-cover ratio is presently 1.6 days.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC grew its holdings in Drilling Tools International by 204.4% during the 1st quarter. Renaissance Technologies LLC now owns 90,226 shares of the company’s stock valued at $391,000 after buying an additional 60,586 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Drilling Tools International by 385.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 113,109 shares of the company’s stock valued at $488,000 after acquiring an additional 89,806 shares during the last quarter. Veradace Capital Management LLC bought a new stake in shares of Drilling Tools International during the 4th quarter valued at about $62,000. XTX Topco Ltd boosted its position in shares of Drilling Tools International by 52.3% during the 4th quarter. XTX Topco Ltd now owns 16,026 shares of the company’s stock valued at $39,000 after acquiring an additional 5,504 shares during the last quarter. Finally, Jane Street Group LLC bought a new stake in shares of Drilling Tools International during the 4th quarter valued at about $69,000. Hedge funds and other institutional investors own 2.79% of the company’s stock.

Drilling Tools International Stock Performance

Shares of Drilling Tools International stock traded down $0.01 during trading hours on Friday, hitting $2.63. 301,496 shares of the company’s stock traded hands, compared to its average volume of 203,766. Drilling Tools International has a 12-month low of $1.65 and a 12-month high of $4.69. The stock has a market capitalization of $92.42 million, a price-to-earnings ratio of -23.91, a PEG ratio of 3.25 and a beta of -0.66. The company has a fifty day simple moving average of $3.14 and a 200-day simple moving average of $3.25. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.15 and a quick ratio of 1.57.

Drilling Tools International (NASDAQ:DTI) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.04). Drilling Tools International had a positive return on equity of 0.45% and a negative net margin of 2.35%.The firm had revenue of $37.96 million during the quarter, compared to analysts’ expectations of $37.80 million. Equities research analysts anticipate that Drilling Tools International will post 0.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on DTI. Weiss Ratings cut Drilling Tools International from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 26th. Wall Street Zen cut Drilling Tools International from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Zacks Research cut Drilling Tools International from a “hold” rating to a “strong sell” rating in a report on Friday, June 5th. Two equities research analysts have rated the stock with a Sell rating, According to MarketBeat, the stock has an average rating of “Sell”.

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.