Drilling Tools International Co. (NASDAQ:DTI) Short Interest Down 9.2% in October

Drilling Tools International Co. (NASDAQ:DTI) was the recipient of a significant decrease in short interest in October. As of October 15th, there was short interest totalling 245,600 shares, a decrease of 9.2% from the September 30th total of 270,500 shares. Based on an average daily volume of 46,100 shares, the short-interest ratio is presently 5.3 days. Currently, 2.5% of the shares of the stock are sold short.

Drilling Tools International Stock Down 1.8 %

DTI traded down $0.06 during trading on Friday, hitting $3.29. The company had a trading volume of 5,467 shares, compared to its average volume of 48,154. The company has a market capitalization of $114.20 million, a PE ratio of 8.51, a PEG ratio of 1.01 and a beta of -0.99. Drilling Tools International has a one year low of $2.43 and a one year high of $6.36. The firm’s 50-day moving average price is $3.73 and its 200 day moving average price is $4.78. The company has a quick ratio of 1.50, a current ratio of 1.97 and a debt-to-equity ratio of 0.21.

Drilling Tools International (NASDAQ:DTI) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.02). The business had revenue of $37.53 million for the quarter, compared to the consensus estimate of $42.72 million. Drilling Tools International had a return on equity of 16.64% and a net margin of 7.85%. As a group, equities analysts expect that Drilling Tools International will post 0.37 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Gendell Jeffrey L acquired a new stake in shares of Drilling Tools International during the first quarter worth $35,000. Rhumbline Advisers acquired a new position in shares of Drilling Tools International during the second quarter valued at about $49,000. Woodstock Corp acquired a new position in shares of Drilling Tools International during the third quarter valued at about $57,000. Bank of New York Mellon Corp acquired a new position in shares of Drilling Tools International during the second quarter valued at about $99,000. Finally, Fifth Lane Capital LP lifted 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 valued at $135,000 after purchasing an additional 5,024 shares in the last quarter. Institutional investors and hedge funds own 2.79% of the company’s stock.

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.