Drilling Tools International Corp. (NASDAQ:DTI) Sees Large Drop in Short Interest

Drilling Tools International Corp. (NASDAQ:DTI) was the target of a large decline in short interest during the month of August. As of August 14th, there was short interest totaling 180,494 shares, a decline of 67.4% from the July 30th total of 554,122 shares. Based on an average daily volume of 277,640 shares, the short-interest ratio is currently 0.7 days. Currently, 0.6% of the shares of the company are short sold.

Drilling Tools International Price Performance

DTI stock traded up $0.06 during trading hours on Friday, hitting $2.54. 116,408 shares of the stock traded hands, compared to its average volume of 319,121. The company has a current ratio of 2.18, a quick ratio of 1.58 and a debt-to-equity ratio of 0.40. The stock has a 50-day simple moving average of $2.29 and a 200 day simple moving average of $2.97. Drilling Tools International has a one year low of $1.65 and a one year high of $4.69. The company has a market cap of $89.62 million, a P/E ratio of -28.22, a P/E/G ratio of 2.79 and a beta of -0.63.

Drilling Tools International (NASDAQ:DTI) last issued its earnings results on Thursday, August 6th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $38.72 million. Equities analysts forecast that Drilling Tools International will post 0.1 earnings per share for the current year.

Institutional Trading of Drilling Tools International

Institutional investors have recently made changes to their positions in the stock. XTX Topco Ltd increased its stake in shares of Drilling Tools International by 52.3% in the fourth quarter. XTX Topco Ltd now owns 16,026 shares of the company’s stock worth $39,000 after acquiring an additional 5,504 shares during the last quarter. Qube Research & Technologies Ltd bought a new position in Drilling Tools International in the 2nd quarter worth $49,000. Citadel Advisors LLC acquired a new position in shares of Drilling Tools International during the 3rd quarter worth about $55,000. Veradace Capital Management LLC acquired a new stake in shares of Drilling Tools International in the fourth quarter worth $62,000. Finally, Jane Street Group LLC bought a new position in shares of Drilling Tools International during the 4th quarter worth about $69,000. 2.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently weighed in on DTI. Wall Street Zen downgraded shares of Drilling Tools International from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Zacks Research raised shares of Drilling Tools International from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 10th. Weiss Ratings lowered shares of Drilling Tools International from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, July 28th. Finally, Jefferies Financial Group restated a “hold” rating and set a $2.80 price objective on shares of Drilling Tools International in a research note on Sunday, August 9th. One analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Drilling Tools International currently has an average rating of “Hold” and a consensus price target of $2.80.

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.