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

Drilling Tools International Co. (NASDAQ:DTI) was the recipient of a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 270,500 shares, an increase of 7.5% from the September 15th total of 251,700 shares. Based on an average trading volume of 46,500 shares, the days-to-cover ratio is currently 5.8 days. Approximately 2.7% of the company’s stock are sold short.

Analysts Set New Price Targets

Separately, Alliance Global Partners reduced their price target on Drilling Tools International from $8.50 to $7.50 and set a “buy” rating for the company in a research report on Wednesday, August 7th.

Drilling Tools International Stock Up 3.5 %

NASDAQ:DTI traded up $0.12 during trading hours on Wednesday, reaching $3.57. 22,921 shares of the stock were exchanged, compared to its average volume of 48,435. Drilling Tools International has a twelve month low of $2.43 and a twelve month high of $6.36. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.97 and a quick ratio of 1.50. The firm has a 50 day moving average of $3.91 and a 200 day moving average of $4.87. The stock has a market cap of $106.28 million, a PE ratio of 8.02, a PEG ratio of 0.99 and a beta of -0.99.

Drilling Tools International (NASDAQ:DTI) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.02). The company had revenue of $37.53 million during the quarter, compared to analyst estimates of $42.72 million. Drilling Tools International had a net margin of 7.85% and a return on equity of 16.64%. On average, equities analysts expect that Drilling Tools International will post 0.37 earnings per share for the current year.

Institutional Investors Weigh In On Drilling Tools International

Large investors have recently made changes to their positions in the stock. Woodstock Corp bought a new stake in Drilling Tools International in the 3rd quarter valued at $57,000. Rhumbline Advisers bought a new stake in Drilling Tools International in the 2nd quarter valued at $49,000. Bank of New York Mellon Corp bought a new stake in Drilling Tools International in the 2nd quarter valued at $99,000. Shaolin Capital Management LLC raised its stake in Drilling Tools International by 14.0% in the 1st quarter. Shaolin Capital Management LLC now owns 83,217 shares of the company’s stock valued at $250,000 after acquiring an additional 10,204 shares during the period. Finally, Gendell Jeffrey L bought a new stake in Drilling Tools International in the 1st quarter valued at $35,000. Institutional investors and hedge funds own 2.79% of the company’s stock.

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.