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

Drilling Tools International Corp. (NASDAQ:DTI) was the target of a significant increase in short interest in the month of February. As of February 27th, there was short interest totaling 166,931 shares, an increase of 71.1% from the February 12th total of 97,541 shares. Based on an average daily trading volume, of 152,818 shares, the short-interest ratio is currently 1.1 days. Approximately 0.6% of the company’s shares are short sold. Approximately 0.6% of the company’s shares are short sold. Based on an average daily trading volume, of 152,818 shares, the short-interest ratio is currently 1.1 days.

Insider Activity

In other news, insider Michael Wayne Jr. Domino sold 24,996 shares of Drilling Tools International stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $4.00, for a total value of $99,984.00. Following the transaction, the insider owned 1,433,054 shares in the company, valued at approximately $5,732,216. The trade was a 1.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 35,411 shares of company stock worth $137,249 over the last quarter. 56.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Drilling Tools International

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. XTX Topco Ltd boosted its stake in Drilling Tools International by 52.3% in the 4th quarter. XTX Topco Ltd now owns 16,026 shares of the company’s stock worth $39,000 after purchasing an additional 5,504 shares in the last quarter. Sanders Morris Harris LLC bought a new stake in Drilling Tools International during the 3rd quarter valued at about $34,000. Qube Research & Technologies Ltd purchased a new position in Drilling Tools International in the second quarter worth about $49,000. Geode Capital Management LLC raised its holdings in Drilling Tools International by 12.7% in the fourth quarter. Geode Capital Management LLC now owns 159,400 shares of the company’s stock worth $391,000 after buying an additional 17,926 shares during the last quarter. Finally, Citadel Advisors LLC bought a new position in shares of Drilling Tools International in the third quarter worth approximately $55,000. Hedge funds and other institutional investors own 2.79% of the company’s stock.

Analyst Upgrades and Downgrades

DTI has been the topic of several recent analyst reports. Wall Street Zen raised Drilling Tools International from a “hold” rating to a “buy” rating in a research note on Saturday. Zacks Research upgraded Drilling Tools International from a “hold” rating to a “strong-buy” rating in a report on Tuesday. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Drilling Tools International in a research note on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy”.

Drilling Tools International Stock Up 3.2%

Drilling Tools International stock traded up $0.11 during trading hours on Friday, hitting $3.52. 259,876 shares of the stock traded hands, compared to its average volume of 187,065. Drilling Tools International has a one year low of $1.43 and a one year high of $4.38. The firm’s 50-day moving average price is $3.59 and its two-hundred day moving average price is $2.78. The company has a current ratio of 2.11, a quick ratio of 1.47 and a debt-to-equity ratio of 0.32. The company has a market cap of $123.87 million, a PE ratio of 58.67, a PEG ratio of 2.06 and a beta of -0.34.

Drilling Tools International (NASDAQ:DTI) last announced its earnings results on Thursday, March 5th. The company reported $0.04 earnings per share (EPS) for the quarter. Drilling Tools International had a positive return on equity of 1.88% and a negative net margin of 2.36%.The firm had revenue of $38.51 million during the quarter, compared to analyst estimates of $37.02 million. On average, research analysts forecast that Drilling Tools International will post 0.38 EPS for the current year.

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.