Short Interest in Drilling Tools International Corp. (NASDAQ:DTI) Increases By 151.6%

Drilling Tools International Corp. (NASDAQ:DTI) was the recipient of a large growth in short interest in June. As of June 30th, there was short interest totaling 922,893 shares, a growth of 151.6% from the June 15th total of 366,853 shares. Approximately 3.2% of the company’s stock are short sold. Based on an average trading volume of 416,280 shares, the short-interest ratio is currently 2.2 days.

Drilling Tools International Stock Up 0.7%

Shares of DTI traded up $0.01 during trading on Thursday, reaching $2.29. The company’s stock had a trading volume of 43,519 shares, compared to its average volume of 343,338. The company has a market cap of $80.64 million, a price-to-earnings ratio of -20.87, a P/E/G ratio of 2.79 and a beta of -0.60. The company has a quick ratio of 1.57, a current ratio of 2.15 and a debt-to-equity ratio of 0.38. The company has a fifty day moving average of $2.55 and a two-hundred day moving average of $3.17. Drilling Tools International has a twelve month low of $1.65 and a twelve month high of $4.69.

Drilling Tools International (NASDAQ:DTI) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.04). The company had revenue of $37.96 million during the quarter, compared to the consensus estimate of $37.80 million. Drilling Tools International had a positive return on equity of 0.45% and a negative net margin of 2.35%. On average, sell-side analysts predict that Drilling Tools International will post 0.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Drilling Tools International

Several large investors have recently modified their holdings of DTI. Gendell Jeffrey L raised its stake in Drilling Tools International by 29.2% during the fourth quarter. Gendell Jeffrey L now owns 2,439,737 shares of the company’s stock valued at $5,977,000 after buying an additional 552,046 shares in the last quarter. Walleye Capital LLC acquired a new position in shares of Drilling Tools International in the 1st quarter worth approximately $1,243,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of Drilling Tools International in the 1st quarter worth approximately $954,000. Bank of America Corp DE increased its holdings in shares of 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 valued at $614,000 after acquiring an additional 141,880 shares during the last quarter. Finally, Cresset Asset Management LLC increased its holdings in shares of Drilling Tools International by 184.5% in the 3rd quarter. Cresset Asset Management LLC now owns 200,521 shares of the company’s stock valued at $461,000 after acquiring an additional 130,032 shares during the last quarter. Institutional investors own 2.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Zacks Research raised shares of Drilling Tools International from a “strong sell” rating to a “hold” rating in a research report on Friday, July 10th. Weiss Ratings downgraded shares of Drilling Tools International from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 26th. Finally, Wall Street Zen lowered shares of Drilling Tools International from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Reduce”.

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.