Drilling Tools International Corp. (NASDAQ:DTI) Stock Short Interest Drops 50.2%

Drilling Tools International Corp. (NASDAQ:DTI) was the target of a significant decrease in short interest in September. As of September 15th, there was short interest totaling 146,216 shares, a decrease of 50.2% from the August 31st total of 293,886 shares. Approximately 0.5% of the shares of the company are short sold. Based on an average daily volume of 202,417 shares, the days-to-cover ratio is currently 0.7 days.

Analyst Upgrades and Downgrades

DTI has been the subject of a number of recent research reports. Jefferies Financial Group restated a “hold” rating and issued a $2.80 price objective on shares of Drilling Tools International in a research note on Sunday, August 9th. Zacks Research upgraded shares of Drilling Tools International from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 10th. Finally, Weiss Ratings cut shares of Drilling Tools International from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $2.80.

Drilling Tools International Price Performance

Shares of NASDAQ DTI traded up $0.02 during midday trading on Wednesday, reaching $2.32. 38,218 shares of the company traded hands, compared to its average volume of 303,781. Drilling Tools International has a 12 month low of $1.87 and a 12 month high of $4.69. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.58 and a current ratio of 2.18. The stock’s 50-day simple moving average is $2.46 and its 200-day simple moving average is $2.78. The firm has a market cap of $81.85 million, a PE ratio of -25.77, a PEG ratio of 2.62 and a beta of -0.62.

Drilling Tools International (NASDAQ:DTI) last announced its earnings results 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). The firm had revenue of $38.07 million for the quarter, compared to analyst estimates 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 anticipate that Drilling Tools International will post 0.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Drilling Tools International

A number of hedge funds and other institutional investors have recently bought and sold shares of DTI. Engineers Gate Manager LP grew its holdings in shares of Drilling Tools International by 129.2% during the second quarter. Engineers Gate Manager LP now owns 37,825 shares of the company’s stock worth $73,000 after purchasing an additional 21,319 shares during the last quarter. Squarepoint Ops LLC bought a new position in shares of Drilling Tools International in the second quarter valued at about $34,000. AXQ Capital LP lifted its position in 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 in the last quarter. Private Management Group Inc. acquired a new position in Drilling Tools International during the 2nd quarter worth about $3,361,000. Finally, Empowered Funds LLC bought a new stake in Drilling Tools International during the 2nd quarter worth about $103,000. 2.79% of the stock is owned by institutional investors and hedge funds.

About Drilling Tools International

Drilling Tools International Corp. (NASDAQ: DTI) provides rental and related services for downhole drilling tools used in oil and natural gas exploration and production. The company serves drilling contractors, exploration and production companies, and oilfield service providers, supporting onshore and offshore drilling operations.

Its product portfolio includes drill pipe, drill collars, stabilizers, subs, drilling jars, shock tools, completion tools, fishing tools, and other specialized equipment.