Short Interest in Drilling Tools International Co. (NASDAQ:DTI) Increases By 27.0%

Drilling Tools International Co. (NASDAQ:DTI) saw a significant increase in short interest in the month of July. As of July 15th, there was short interest totalling 611,400 shares, an increase of 27.0% from the June 30th total of 481,600 shares. Currently, 12.1% of the shares of the company are sold short. Based on an average trading volume of 68,200 shares, the days-to-cover ratio is presently 9.0 days.

Drilling Tools International Stock Performance

Shares of NASDAQ DTI traded down $0.02 during midday trading on Tuesday, reaching $5.33. 2,329 shares of the company traded hands, compared to its average volume of 49,365. Drilling Tools International has a 52 week low of $2.43 and a 52 week high of $6.36. The stock has a 50-day moving average price of $5.65 and a 200 day moving average price of $4.45. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.92 and a quick ratio of 1.59. The company has a market cap of $158.67 million, a price-to-earnings ratio of 12.44, a PEG ratio of 0.96 and a beta of -0.93.

Drilling Tools International (NASDAQ:DTI) last issued its quarterly earnings results on Thursday, May 9th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.02). Drilling Tools International had a return on equity of 14.88% and a net margin of 8.21%. The business had revenue of $36.97 million during the quarter. Sell-side analysts anticipate that Drilling Tools International will post 0.62 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Drilling Tools International

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp bought a new stake in Drilling Tools International in the second quarter worth about $99,000. Shaolin Capital Management LLC raised its holdings in Drilling Tools International by 14.0% during the 1st quarter. Shaolin Capital Management LLC now owns 83,217 shares of the company’s stock worth $250,000 after buying an additional 10,204 shares during the period. Gendell Jeffrey L acquired a new stake in Drilling Tools International during the 1st quarter worth about $35,000. Concurrent Investment Advisors LLC raised its holdings in Drilling Tools International by 30.8% during the 1st quarter. Concurrent Investment Advisors LLC now owns 85,000 shares of the company’s stock worth $255,000 after buying an additional 20,000 shares during the period. Finally, Fifth Lane Capital LP raised its holdings in Drilling Tools International by 12.6% during the 1st quarter. Fifth Lane Capital LP now owns 45,000 shares of the company’s stock worth $135,000 after buying an additional 5,024 shares during the period. 2.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Alliance Global Partners started coverage on shares of Drilling Tools International in a research note on Monday, July 1st. They set a “buy” rating and a $8.50 price objective on the 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.