Drilling Tools International Corp. (NASDAQ:DTI) Shares Shorted: Short Interest Up 74.5% in September

Drilling Tools International Corp. (NASDAQ:DTI) was the target of a large increase in short interest in September. As of September 30th, there was short interest totaling 255,086 shares, an increase of 74.5% from the September 15th total of 146,216 shares. Based on an average trading volume of 154,713 shares, the short-interest ratio is currently 1.6 days. Approximately 0.9% of the company’s stock are sold short.

Wall Street Analyst Weigh In

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

Drilling Tools International Stock Down 4.1%

NASDAQ:DTI traded down $0.07 during trading hours on Thursday, reaching $1.74. The company’s stock had a trading volume of 150,205 shares, compared to its average volume of 302,861. The company has a market cap of $61.21 million, a price-to-earnings ratio of -19.28, a price-to-earnings-growth ratio of 2.24 and a beta of -0.61. Drilling Tools International has a one year low of $1.74 and a one year high of $4.69. The business’s 50-day moving average is $2.43 and its 200-day moving average is $2.67. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.18 and a quick ratio of 1.58.

Drilling Tools International (NASDAQ:DTI) last posted its earnings results on Thursday, August 6th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01). Drilling Tools International had a positive return on equity of 0.58% and a negative net margin of 1.97%. The business had revenue of $38.07 million for the quarter, compared to analyst estimates of $38.72 million. Equities research analysts predict that Drilling Tools International will post 0.10 EPS for the current year.

Institutional Trading of Drilling Tools International

Several large investors have recently made changes to their positions in DTI. Private Management Group Inc. acquired a new position in shares of Drilling Tools International during the 2nd quarter valued at about $3,361,000. Walleye Capital LLC bought a new position in shares of Drilling Tools International in the 1st quarter valued at approximately $1,243,000. Arrowstreet Capital Limited Partnership bought a new position in shares of Drilling Tools International in the 1st quarter valued at approximately $954,000. Bank of America Corp DE lifted its holdings in Drilling Tools International by 567,520.0% in the 1st quarter. Bank of America Corp DE now owns 141,905 shares of the company’s stock worth $614,000 after purchasing an additional 141,880 shares during the last quarter. Finally, BlackRock Inc. acquired a new stake in Drilling Tools International in the 2nd quarter worth approximately $254,000. Institutional investors own 2.79% of the company’s stock.

Drilling Tools International Company Profile

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.