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

Drilling Tools International Co. (NASDAQ:DTI) was the target of a large growth in short interest in April. As of April 15th, there was short interest totalling 179,900 shares, a growth of 1,075.8% from the March 31st total of 15,300 shares. Based on an average daily volume of 38,300 shares, the days-to-cover ratio is presently 4.7 days. Currently, 3.6% of the shares of the stock are short sold.

Institutional Investors Weigh In On Drilling Tools International

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Solidarity Wealth LLC boosted its position in Drilling Tools International by 250.0% during the fourth quarter. Solidarity Wealth LLC now owns 277,227 shares of the company’s stock worth $887,000 after acquiring an additional 198,020 shares during the last quarter. Shaolin Capital Management LLC lifted its stake in shares of Drilling Tools International by 188.2% during the 3rd quarter. Shaolin Capital Management LLC now owns 75,000 shares of the company’s stock worth $293,000 after purchasing an additional 159,998 shares during the period. Finally, Global Retirement Partners LLC acquired a new stake in shares of Drilling Tools International during the third quarter worth $192,000. Hedge funds and other institutional investors own 2.79% of the company’s stock.

Drilling Tools International Price Performance

Shares of Drilling Tools International stock traded down $0.09 on Thursday, hitting $5.30. The company’s stock had a trading volume of 67,531 shares, compared to its average volume of 36,360. Drilling Tools International has a 52-week low of $2.43 and a 52-week high of $10.58. The firm has a fifty day moving average price of $3.58 and a 200-day moving average price of $3.43.

Drilling Tools International (NASDAQ:DTI) last announced its quarterly earnings results on Wednesday, March 27th. The company reported $0.13 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.13. The company had revenue of $35.19 million for the quarter. Drilling Tools International had a net margin of 9.70% and a return on equity of 20.30%. On average, equities research analysts predict that Drilling Tools International will post 0.69 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, Jefferies Financial Group started coverage on Drilling Tools International in a report on Monday, February 26th. They issued a “hold” rating and a $3.00 price target on the stock.

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.