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

Drilling Tools International Co. (NASDAQ:DTI) was the recipient of a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 242,200 shares, a growth of 7.4% from the August 15th total of 225,500 shares. Currently, 2.4% of the shares of the stock are short sold. Based on an average daily volume of 66,800 shares, the days-to-cover ratio is currently 3.6 days.

Drilling Tools International Trading Up 1.0 %

Shares of Drilling Tools International stock opened at $3.94 on Tuesday. The firm has a market cap of $136.76 million, a PE ratio of 9.16, a P/E/G ratio of 1.11 and a beta of -0.98. The company has a quick ratio of 1.50, a current ratio of 1.97 and a debt-to-equity ratio of 0.21. Drilling Tools International has a fifty-two week low of $2.43 and a fifty-two week high of $6.36. The business’s fifty day moving average is $4.57 and its two-hundred day moving average is $4.75.

Drilling Tools International (NASDAQ:DTI) last released its earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.02). Drilling Tools International had a return on equity of 16.64% and a net margin of 7.85%. The business had revenue of $37.53 million for the quarter, compared to analysts’ expectations of $42.72 million. Analysts anticipate that Drilling Tools International will post 0.37 earnings per share for the current year.

Institutional Investors Weigh In On Drilling Tools International

Institutional investors have recently bought and sold shares of the stock. Gendell Jeffrey L acquired a new position in Drilling Tools International in the first quarter valued at $35,000. Rhumbline Advisers acquired a new position in Drilling Tools International in the 2nd quarter worth $49,000. Bank of New York Mellon Corp purchased a new position in Drilling Tools International in the second quarter valued at about $99,000. Fifth Lane Capital LP grew its position in shares of Drilling Tools International by 12.6% during the first quarter. Fifth Lane Capital LP now owns 45,000 shares of the company’s stock worth $135,000 after buying an additional 5,024 shares in the last quarter. Finally, Shaolin Capital Management LLC increased its position in shares of Drilling Tools International by 14.0% in the 1st quarter. Shaolin Capital Management LLC now owns 83,217 shares of the company’s stock worth $250,000 after purchasing an additional 10,204 shares during the last quarter. 2.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Alliance Global Partners decreased their price target on shares of Drilling Tools International from $8.50 to $7.50 and set a “buy” rating on the stock in a research note on Wednesday, August 7th.

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.