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

Drilling Tools International Corp. (NASDAQ:DTI) was the recipient of a large decline in short interest in 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 shares of the company are short sold. Based on an average daily volume of 277,640 shares, the days-to-cover ratio is currently 0.7 days.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in DTI. XTX Topco Ltd increased its position in shares of Drilling Tools International by 52.3% in 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 during the last quarter. Qube Research & Technologies Ltd purchased a new stake in shares of Drilling Tools International during the 2nd quarter worth $49,000. Citadel Advisors LLC purchased a new stake in shares of Drilling Tools International during the 3rd quarter worth $55,000. Veradace Capital Management LLC acquired a new position in shares of Drilling Tools International during the fourth quarter worth $62,000. Finally, Jane Street Group LLC acquired a new position in shares of Drilling Tools International during the fourth quarter worth $69,000. Institutional investors and hedge funds own 2.79% of the company’s stock.

Drilling Tools International Stock Performance

Shares of DTI stock opened at $2.51 on Thursday. The company has a current ratio of 2.18, a quick ratio of 1.58 and a debt-to-equity ratio of 0.40. Drilling Tools International has a twelve month low of $1.65 and a twelve month high of $4.69. The company’s 50-day moving average price is $2.28 and its 200-day moving average price is $2.98. The stock has a market cap of $88.55 million, a price-to-earnings ratio of -27.89, a PEG ratio of 2.78 and a beta of -0.63.

Drilling Tools International (NASDAQ:DTI) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The business had revenue of $38.07 million during the quarter, compared to analysts’ expectations of $38.72 million. Drilling Tools International had a positive return on equity of 0.58% and a negative net margin of 1.97%. As a group, equities analysts predict that Drilling Tools International will post 0.1 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on DTI shares. Jefferies Financial Group reaffirmed a “hold” rating and issued a $2.80 price target on shares of Drilling Tools International in a report on Sunday, August 9th. Wall Street Zen cut Drilling Tools International from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Zacks Research raised Drilling Tools International from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 10th. Finally, Weiss Ratings lowered Drilling Tools International from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $2.80.

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.