Drilling Tools International Corp. (NASDAQ:DTI) Sees Significant Decrease in Short Interest

Drilling Tools International Corp. (NASDAQ:DTI) was the recipient of a large decline in short interest during the month of August. As of August 14th, there was short interest totaling 180,494 shares, a decline of 67.4% from the July 30th total of 554,122 shares. Approximately 0.6% of the company’s shares are sold short. Based on an average daily trading volume, of 277,640 shares, the short-interest ratio is currently 0.7 days.

Drilling Tools International Trading Up 2.4%

Drilling Tools International stock traded up $0.06 during trading hours on Friday, reaching $2.54. 116,408 shares of the company’s stock were exchanged, compared to its average volume of 228,287. The company has a quick ratio of 1.58, a current ratio of 2.18 and a debt-to-equity ratio of 0.40. The firm’s 50 day simple moving average is $2.29 and its 200 day simple moving average is $2.97. Drilling Tools International has a twelve month low of $1.65 and a twelve month high of $4.69. The firm has a market capitalization of $89.61 million, a PE ratio of -28.22, a PEG ratio of 2.76 and a beta of -0.63.

Drilling Tools International (NASDAQ:DTI) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $38.07 million during the quarter, compared to analyst estimates of $38.72 million. Research analysts predict that Drilling Tools International will post 0.1 earnings per share for the current year.

Hedge Funds Weigh In On Drilling Tools International

Several institutional investors have recently added to or reduced their stakes in DTI. AXQ Capital LP grew its position in shares of Drilling Tools International by 93.5% during the 2nd quarter. AXQ Capital LP now owns 48,048 shares of the company’s stock worth $93,000 after buying an additional 23,213 shares during the period. Private Management Group Inc. acquired a new position in shares of Drilling Tools International during the 2nd quarter valued at $3,361,000. Empowered Funds LLC bought a new position in Drilling Tools International during the second quarter worth $103,000. Bank of America Corp DE bought a new position in Drilling Tools International during the second quarter worth $263,000. Finally, Algert Global LLC grew its holdings in Drilling Tools International by 275.6% in the second quarter. Algert Global LLC now owns 74,041 shares of the company’s stock worth $143,000 after purchasing an additional 54,328 shares during the period. 2.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on DTI. Wall Street Zen lowered Drilling Tools International from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings cut Drilling Tools International from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, July 28th. Zacks Research raised shares of 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 price target on shares of Drilling Tools International in a report 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 assigned a Sell rating to the company. Based on data from MarketBeat, Drilling Tools International currently has a consensus rating of “Hold” and a consensus price target of $2.80.

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.