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

Drilling Tools International Corp. (NASDAQ:DTI) saw a large drop in short interest in February. As of February 13th, there was short interest totaling 97,541 shares, a drop of 44.2% from the January 29th total of 174,874 shares. Approximately 0.3% of the company’s shares are sold short. Based on an average daily trading volume, of 194,875 shares, the days-to-cover ratio is currently 0.5 days. Based on an average daily trading volume, of 194,875 shares, the days-to-cover ratio is currently 0.5 days. Approximately 0.3% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

DTI has been the subject of a number of research reports. Zacks Research lowered Drilling Tools International from a “strong-buy” rating to a “hold” rating in a report on Friday, February 6th. Weiss Ratings reiterated a “sell (d)” rating on shares of Drilling Tools International in a report on Wednesday, January 21st. Finally, Wall Street Zen raised Drilling Tools International to a “hold” rating in a research report on Saturday, January 17th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Reduce”.

Insider Transactions at Drilling Tools International

In other Drilling Tools International news, insider Michael Wayne Jr. Domino sold 24,996 shares of the company’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $4.00, for a total value of $99,984.00. Following the transaction, the insider directly owned 1,433,054 shares in the company, valued at $5,732,216. This represents a 1.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders have sold 35,411 shares of company stock valued at $137,249. 56.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Drilling Tools International

Several institutional investors and hedge funds have recently made changes to their positions in DTI. Veradace Capital Management LLC acquired a new stake in Drilling Tools International during the fourth quarter worth about $62,000. XTX Topco Ltd boosted its position in Drilling Tools International by 52.3% in the 4th quarter. XTX Topco Ltd now owns 16,026 shares of the company’s stock worth $39,000 after purchasing an additional 5,504 shares in the last quarter. Gendell Jeffrey L grew its stake in shares of Drilling Tools International by 29.2% during the 4th quarter. Gendell Jeffrey L now owns 2,439,737 shares of the company’s stock worth $5,977,000 after purchasing an additional 552,046 shares during the period. Jane Street Group LLC purchased a new position in shares of Drilling Tools International during the 4th quarter valued at approximately $69,000. Finally, Goldman Sachs Group Inc. purchased a new position in shares of Drilling Tools International during the 4th quarter valued at approximately $178,000. 2.79% of the stock is currently owned by institutional investors and hedge funds.

Drilling Tools International Stock Down 1.4%

NASDAQ DTI traded down $0.05 during trading on Friday, hitting $3.48. The company’s stock had a trading volume of 104,650 shares, compared to its average volume of 171,903. Drilling Tools International has a fifty-two week low of $1.43 and a fifty-two week high of $4.38. The company has a market cap of $122.50 million, a PE ratio of -18.32, a P/E/G ratio of 2.61 and a beta of -0.35. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.04 and a quick ratio of 1.47. The business’s 50 day simple moving average is $3.41 and its 200-day simple moving average is $2.66.

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.