Drilling Tools International Corp. (NASDAQ:DTI) Shares Shorted: Short Interest Down 50.2% in September

Drilling Tools International Corp. (NASDAQ:DTI) saw a significant drop in short interest in September. As of September 15th, there was short interest totaling 146,216 shares, a drop of 50.2% from the August 31st total of 293,886 shares. Currently, 0.5% of the company’s stock are short sold. Based on an average trading volume of 202,417 shares, the short-interest ratio is presently 0.7 days.

Drilling Tools International Stock Performance

Shares of NASDAQ DTI traded down $0.01 during midday trading on Thursday, reaching $2.31. The company had a trading volume of 3,885 shares, compared to its average volume of 302,186. The business’s 50-day simple moving average is $2.46 and its 200 day simple moving average is $2.77. Drilling Tools International has a 1 year low of $1.87 and a 1 year high of $4.69. 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 market cap of $81.53 million, a P/E ratio of -25.67, a P/E/G ratio of 2.56 and a beta of -0.62.

Drilling Tools International (NASDAQ:DTI) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.01). Drilling Tools International had a negative net margin of 1.97% and a positive return on equity of 0.58%. The firm had revenue of $38.07 million for the quarter, compared to analysts’ expectations of $38.72 million. On average, analysts forecast that Drilling Tools International will post 0.1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Private Management Group Inc. acquired a new stake in Drilling Tools International during the 2nd quarter worth about $3,361,000. Walleye Capital LLC purchased a new stake in Drilling Tools International in the 1st quarter worth approximately $1,243,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Drilling Tools International during the 1st quarter worth approximately $954,000. Bank of America Corp DE grew its stake in shares of Drilling Tools International by 567,520.0% during 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 period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Drilling Tools International by 385.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 113,109 shares of the company’s stock valued at $488,000 after purchasing an additional 89,806 shares in the last quarter. 2.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on DTI. Weiss Ratings downgraded Drilling Tools International from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, July 28th. Zacks Research raised Drilling Tools International from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 10th. Finally, Jefferies Financial Group restated a “hold” rating and set a $2.80 target price on shares of Drilling Tools International in a research note on Sunday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $2.80.

Drilling Tools International Company Profile

Drilling Tools International Corp. (NASDAQ: DTI) provides rental and related services for downhole drilling tools used in oil and natural gas exploration and production. The company serves drilling contractors, exploration and production companies, and oilfield service providers, supporting onshore and offshore drilling operations.

Its product portfolio includes drill pipe, drill collars, stabilizers, subs, drilling jars, shock tools, completion tools, fishing tools, and other specialized equipment.