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

Drilling Tools International Co. (NASDAQ:DTI) saw a significant drop in short interest during the month of March. As of March 31st, there was short interest totalling 15,300 shares, a drop of 10.5% from the March 15th total of 17,100 shares. Based on an average daily volume of 30,400 shares, the short-interest ratio is presently 0.5 days. Approximately 0.3% of the shares of the company are short sold.

Institutional Investors Weigh In On Drilling Tools International

Several hedge funds have recently modified their holdings of DTI. Rivernorth Capital Management LLC bought a new stake in shares of Drilling Tools International in the second quarter valued at approximately $88,000. Vanguard Group Inc. bought a new stake in shares of Drilling Tools International in the fourth quarter valued at approximately $110,000. Citigroup Inc. bought a new stake in shares of Drilling Tools International in the second quarter valued at approximately $131,000. Polar Asset Management Partners Inc. bought a new stake in shares of Drilling Tools International in the second quarter valued at approximately $148,000. Finally, Alberta Investment Management Corp bought a new position in Drilling Tools International in the second quarter worth $174,000. 2.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group assumed coverage on Drilling Tools International in a report on Monday, February 26th. They set a “hold” rating and a $3.00 price target on the stock.

Drilling Tools International Trading Down 0.9 %

Shares of DTI stock opened at $4.58 on Wednesday. Drilling Tools International has a 12 month low of $2.43 and a 12 month high of $10.58. The business’s 50 day moving average is $3.28 and its two-hundred day moving average is $3.37.

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.