Drilling Tools International Corp. (NASDAQ:DTI) Short Interest Update

Drilling Tools International Corp. (NASDAQ:DTI) was the recipient of a large increase in short interest during the month of May. As of May 29th, there was short interest totaling 351,742 shares, an increase of 186.8% from the May 14th total of 122,623 shares. Based on an average trading volume of 220,238 shares, the days-to-cover ratio is currently 1.6 days. Approximately 1.2% of the company’s stock are sold short.

Drilling Tools International Stock Down 0.4%

Shares of NASDAQ DTI traded down $0.01 during trading hours on Friday, hitting $2.63. The company had a trading volume of 301,496 shares, compared to its average volume of 203,766. The stock has a market capitalization of $92.42 million, a P/E ratio of -23.91, a price-to-earnings-growth ratio of 3.25 and a beta of -0.66. The company has a quick ratio of 1.57, a current ratio of 2.15 and a debt-to-equity ratio of 0.38. Drilling Tools International has a 1-year low of $1.65 and a 1-year high of $4.69. The firm’s 50 day moving average is $3.14 and its 200-day moving average is $3.25.

Drilling Tools International (NASDAQ:DTI) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.04). Drilling Tools International had a negative net margin of 2.35% and a positive return on equity of 0.45%. The business had revenue of $37.96 million during the quarter, compared to the consensus estimate of $37.80 million. On average, analysts expect that Drilling Tools International will post 0.09 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC increased its position in Drilling Tools International by 204.4% during the 1st quarter. Renaissance Technologies LLC now owns 90,226 shares of the company’s stock worth $391,000 after buying an additional 60,586 shares during the period. Dimensional Fund Advisors LP increased its position in Drilling Tools International by 385.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 113,109 shares of the company’s stock worth $488,000 after buying an additional 89,806 shares during the period. Veradace Capital Management LLC bought a new position in Drilling Tools International during the 4th quarter worth $62,000. XTX Topco Ltd increased its position in Drilling Tools International by 52.3% during the 4th quarter. XTX Topco Ltd now owns 16,026 shares of the company’s stock worth $39,000 after buying an additional 5,504 shares during the period. Finally, Jane Street Group LLC bought a new position in Drilling Tools International during the 4th quarter worth $69,000. Institutional investors own 2.79% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on DTI. Zacks Research downgraded Drilling Tools International from a “hold” rating to a “strong sell” rating in a research report on Friday, June 5th. Weiss Ratings downgraded Drilling Tools International from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 26th. Finally, Wall Street Zen downgraded Drilling Tools International from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Two equities research analysts have rated the stock with a Sell rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Sell”.

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.