Drilling Tools International Corp. (NASDAQ:DTI) Short Interest Up 71.1% in February

Drilling Tools International Corp. (NASDAQ:DTI) was the target of a large growth in short interest in February. As of February 27th, there was short interest totaling 166,931 shares, a growth of 71.1% from the February 12th total of 97,541 shares. Based on an average daily trading volume, of 152,818 shares, the days-to-cover ratio is presently 1.1 days. Currently, 0.6% of the company’s stock are sold short. Currently, 0.6% of the company’s stock are sold short. Based on an average daily trading volume, of 152,818 shares, the days-to-cover ratio is presently 1.1 days.

Insider Activity at Drilling Tools International

In other news, insider Michael Wayne Jr. Domino sold 24,996 shares of the firm’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $4.00, for a total transaction of $99,984.00. Following the transaction, the insider owned 1,433,054 shares in the company, valued at approximately $5,732,216. This trade represents a 1.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders sold a total of 35,411 shares of company stock worth $137,249 in the last 90 days. Company insiders own 56.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Veradace Capital Management LLC purchased a new stake in Drilling Tools International during the fourth quarter valued at approximately $62,000. XTX Topco Ltd boosted its stake in Drilling Tools International by 52.3% in the fourth quarter. XTX Topco Ltd now owns 16,026 shares of the company’s stock valued at $39,000 after acquiring an additional 5,504 shares in the last quarter. Gendell Jeffrey L grew its holdings in Drilling Tools International by 29.2% in the fourth 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 last quarter. Jane Street Group LLC purchased a new position in Drilling Tools International in the fourth quarter worth $69,000. Finally, Goldman Sachs Group Inc. acquired a new position in shares of Drilling Tools International during the fourth quarter worth $178,000. Institutional investors own 2.79% of the company’s stock.

Drilling Tools International Trading Up 3.2%

Shares of NASDAQ DTI opened at $3.52 on Friday. Drilling Tools International has a 1-year low of $1.43 and a 1-year high of $4.38. The business has a fifty day moving average price of $3.59 and a 200 day moving average price of $2.78. The stock has a market capitalization of $123.87 million, a P/E ratio of -29.33, a price-to-earnings-growth ratio of 2.06 and a beta of -0.34. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.11 and a quick ratio of 1.47.

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

Analysts Set New Price Targets

DTI has been the topic of several recent research reports. Zacks Research upgraded shares of Drilling Tools International from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 10th. Weiss Ratings restated a “sell (d)” rating on shares of Drilling Tools International in a report on Wednesday, January 21st. Finally, Wall Street Zen raised shares of Drilling Tools International from a “hold” rating to a “buy” rating in a research report on Saturday. One analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Drilling Tools International currently has an average rating of “Moderate Buy”.

Drilling Tools International Company Profile

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.