Drilling Tools International Corp. (NASDAQ:DTI) Stock Short Interest Rises 74.5%

Drilling Tools International Corp. (NASDAQ:DTI) was the recipient of a large growth in short interest during the month of September. As of September 30th, there was short interest totaling 255,086 shares, a growth of 74.5% from the September 15th total of 146,216 shares. Currently, 0.9% of the company’s shares are short sold. Based on an average daily volume of 154,713 shares, the days-to-cover ratio is presently 1.6 days.

Institutional Trading of Drilling Tools International

Hedge funds have recently added to or reduced their stakes in the business. Squarepoint Ops LLC acquired a new stake in shares of Drilling Tools International during the second quarter worth about $34,000. OMERS ADMINISTRATION Corp acquired a new stake in Drilling Tools International during the 1st quarter worth approximately $80,000. Engineers Gate Manager LP raised its holdings in Drilling Tools International by 129.2% during the 2nd quarter. Engineers Gate Manager LP now owns 37,825 shares of the company’s stock worth $73,000 after buying an additional 21,319 shares during the period. AXQ Capital LP lifted its stake in Drilling Tools International by 93.5% in the second quarter. AXQ Capital LP now owns 48,048 shares of the company’s stock valued at $93,000 after buying an additional 23,213 shares in the last quarter. Finally, Empowered Funds LLC acquired a new position in shares of Drilling Tools International in the second quarter valued at approximately $103,000. Institutional investors and hedge funds own 2.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on DTI shares. Jefferies Financial Group reaffirmed a “hold” rating and issued a $2.80 price objective on shares of Drilling Tools International in a research note on Sunday, August 9th. Zacks Research downgraded Drilling Tools International from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 9th. Finally, Weiss Ratings downgraded Drilling Tools International from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, July 28th. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Drilling Tools International presently has a consensus rating of “Reduce” and an average target price of $2.80.

Drilling Tools International Trading Up 11.4%

Shares of DTI stock traded up $0.19 on Friday, reaching $1.86. The company had a trading volume of 292,679 shares, compared to its average volume of 235,711. The company has a current ratio of 2.18, a quick ratio of 1.58 and a debt-to-equity ratio of 0.40. The stock has a market cap of $65.62 million, a PE ratio of -20.66, a PEG ratio of 4.64 and a beta of -0.61. The company has a 50-day moving average of $2.41 and a 200-day moving average of $2.65. Drilling Tools International has a 12 month low of $1.61 and a 12 month high of $4.69.

Drilling Tools International (NASDAQ:DTI) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). Drilling Tools International had a negative net margin of 1.97% and a positive return on equity of 0.58%. The firm had revenue of $38.07 million for the quarter, compared to analyst estimates of $38.72 million. On average, equities analysts forecast that Drilling Tools International will post 0.04 earnings per share for the current year.

About Drilling Tools International

Drilling Tools International Corp. (NASDAQ: DTI) is an oilfield services company that provides downhole drilling tools and related equipment to exploration and production companies, drilling contractors and other energy-sector customers. The company’s offerings are designed for use in onshore and offshore drilling operations, including applications involving directional drilling, well construction and completion.

Its product portfolio includes drill collars, heavy-weight drill pipe, stabilizers, subs, drilling jars, downhole motors and other specialized drilling tools.