Short Interest in Drilling Tools International Corp. (NASDAQ:DTI) Drops By 39.9%

Drilling Tools International Corp. (NASDAQ:DTI) was the recipient of a large drop in short interest in the month of March. As of March 13th, there was short interest totaling 100,318 shares, a drop of 39.9% from the February 26th total of 166,931 shares. Based on an average trading volume of 208,755 shares, the short-interest ratio is presently 0.5 days. Approximately 0.3% of the company’s shares are sold short.

Analyst Ratings Changes

Several brokerages recently commented on DTI. Wall Street Zen upgraded Drilling Tools International from a “hold” rating to a “buy” rating in a research report on Saturday, March 14th. Zacks Research raised Drilling Tools International from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 10th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Drilling Tools International in a report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy”.

Insiders Place Their Bets

In other news, insider Michael Wayne Jr. Domino sold 24,996 shares of Drilling Tools International stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $4.00, for a total value of $99,984.00. Following the completion of the transaction, the insider directly owned 1,433,054 shares of the company’s stock, valued at approximately $5,732,216. This trade represents a 1.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last three months, insiders sold 35,411 shares of company stock worth $139,186. Company insiders own 17.10% of the company’s stock.

Institutional Investors Weigh In On Drilling Tools International

Several hedge funds and other institutional investors have recently modified their holdings of the company. Sanders Morris Harris LLC bought a new position in shares of Drilling Tools International in the 3rd quarter worth $34,000. XTX Topco Ltd increased its stake in Drilling Tools International by 52.3% during the 4th quarter. XTX Topco Ltd now owns 16,026 shares of the company’s stock valued at $39,000 after purchasing an additional 5,504 shares in the last quarter. Qube Research & Technologies Ltd bought a new stake in Drilling Tools International during the 2nd quarter valued at $49,000. Citadel Advisors LLC acquired a new position in Drilling Tools International during the third quarter worth $55,000. Finally, Veradace Capital Management LLC bought a new position in shares of Drilling Tools International in the fourth quarter valued at $62,000. Institutional investors own 2.79% of the company’s stock.

Drilling Tools International Stock Down 0.7%

Shares of NASDAQ DTI traded down $0.03 during trading on Friday, hitting $3.57. 181,038 shares of the company traded hands, compared to its average volume of 237,945. The firm has a market capitalization of $125.77 million, a price-to-earnings ratio of -29.65, a P/E/G ratio of 2.13 and a beta of -0.34. The business’s fifty day moving average is $3.72 and its 200 day moving average is $2.88. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.52 and a current ratio of 2.11. Drilling Tools International has a fifty-two week low of $1.43 and a fifty-two week high of $4.38.

Drilling Tools International (NASDAQ:DTI) last issued its earnings results on Thursday, March 5th. The company reported $0.04 EPS for the quarter. Drilling Tools International had a positive return on equity of 1.88% and a negative net margin of 2.36%.The company had revenue of $38.51 million during the quarter, compared to the consensus estimate of $37.02 million. Equities research analysts predict that Drilling Tools International will post 0.38 earnings per share for the current fiscal year.

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.