Drilling Tools International Corp. (NASDAQ:DTI) Short Interest Down 44.2% in February

Drilling Tools International Corp. (NASDAQ:DTI) saw a large drop in short interest during the month of February. As of February 13th, there was short interest totaling 97,541 shares, a drop of 44.2% from the January 29th total of 174,874 shares. Based on an average daily trading volume, of 194,875 shares, the days-to-cover ratio is currently 0.5 days. Currently, 0.3% of the shares of the company are sold short. Currently, 0.3% of the shares of the company are sold short. Based on an average daily trading volume, of 194,875 shares, the days-to-cover ratio is currently 0.5 days.

Insider Activity at Drilling Tools International

In related news, insider Michael Wayne Jr. Domino sold 24,996 shares of the firm’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $4.00, for a total value of $99,984.00. Following the sale, the insider owned 1,433,054 shares of the company’s stock, valued at approximately $5,732,216. This trade represents a 1.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold 35,411 shares of company stock worth $137,249 over the last three months. 56.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Drilling Tools International

Several institutional investors and hedge funds have recently added to or reduced their stakes in DTI. Gendell Jeffrey L raised its position in Drilling Tools International by 29.2% during the fourth quarter. Gendell Jeffrey L now owns 2,439,737 shares of the company’s stock valued at $5,977,000 after buying an additional 552,046 shares during the period. Cresset Asset Management LLC increased its holdings in shares of Drilling Tools International by 184.5% in the 3rd quarter. Cresset Asset Management LLC now owns 200,521 shares of the company’s stock valued at $461,000 after purchasing an additional 130,032 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Drilling Tools International by 12.7% during the fourth quarter. Geode Capital Management LLC now owns 159,400 shares of the company’s stock worth $391,000 after purchasing an additional 17,926 shares during the period. Bailard Inc. acquired a new stake in shares of Drilling Tools International during the fourth quarter worth approximately $190,000. Finally, Global Retirement Partners LLC purchased a new position in Drilling Tools International during the second quarter valued at approximately $221,000. 2.79% of the stock is currently owned by hedge funds and other institutional investors.

Drilling Tools International Trading Down 1.4%

Drilling Tools International stock opened at $3.48 on Friday. The firm has a market cap of $122.50 million, a price-to-earnings ratio of -18.32, a price-to-earnings-growth ratio of 2.58 and a beta of -0.35. Drilling Tools International has a 1 year low of $1.43 and a 1 year high of $4.38. The firm’s 50 day moving average price is $3.41 and its two-hundred day moving average price is $2.66. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.47 and a current ratio of 2.04.

Analyst Ratings Changes

Several brokerages recently weighed in on DTI. Wall Street Zen upgraded Drilling Tools International to a “hold” rating in a research report on Saturday, January 17th. Zacks Research cut Drilling Tools International from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 6th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Drilling Tools International in a report on Wednesday, January 21st. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Drilling Tools International currently has an average rating of “Reduce”.

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.