Short Interest in Drilling Tools International Corp. (NASDAQ:DTI) Drops By 39.9%

Drilling Tools International Corp. (NASDAQ:DTI) saw a significant decline in short interest in March. As of March 13th, there was short interest totaling 100,318 shares, a decline of 39.9% from the February 26th total of 166,931 shares. Approximately 0.3% of the company’s stock are sold short. Based on an average trading volume of 208,755 shares, the short-interest ratio is currently 0.5 days.

Insider Buying and Selling at Drilling Tools International

In related news, insider Michael Wayne Jr. Domino sold 24,996 shares of the firm’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $4.00, for a total value of $99,984.00. Following the transaction, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders have sold 35,411 shares of company stock valued at $139,186. Corporate insiders own 17.10% of the company’s stock.

Institutional Trading of Drilling Tools International

A number of hedge funds have recently bought and sold shares of DTI. Global Retirement Partners LLC purchased a new position in Drilling Tools International in the second quarter worth $221,000. Gendell Jeffrey L increased its position in shares of Drilling Tools International by 20.9% during the 2nd quarter. Gendell Jeffrey L now owns 1,414,027 shares of the company’s stock valued at $4,030,000 after purchasing an additional 244,157 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of Drilling Tools International during the 4th quarter worth $69,000. Geode Capital Management LLC boosted its holdings in shares of Drilling Tools International by 12.7% in the 4th quarter. Geode Capital Management LLC now owns 159,400 shares of the company’s stock worth $391,000 after buying an additional 17,926 shares during the last quarter. Finally, Cresset Asset Management LLC boosted 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 worth $461,000 after buying an additional 130,032 shares during the last quarter. 2.79% of the stock is currently owned by institutional investors.

Drilling Tools International Stock Down 0.7%

Shares of DTI traded down $0.03 during trading hours on Friday, reaching $3.57. 181,038 shares of the stock traded hands, compared to its average volume of 237,945. Drilling Tools International has a 52 week low of $1.43 and a 52 week high of $4.38. The company has a market cap of $125.77 million, a price-to-earnings ratio of -29.65, a PEG ratio of 2.13 and a beta of -0.34. The stock has a fifty day simple moving average of $3.72 and a 200 day simple moving average of $2.88. The company has a current ratio of 2.11, a quick ratio of 1.52 and a debt-to-equity ratio of 0.32.

Drilling Tools International (NASDAQ:DTI) last issued its quarterly earnings data on Thursday, March 5th. The company reported $0.04 earnings per share (EPS) for the quarter. Drilling Tools International had a negative net margin of 2.36% and a positive return on equity of 1.88%. The business had revenue of $38.51 million during the quarter, compared to the consensus estimate of $37.02 million. On average, equities analysts forecast that Drilling Tools International will post 0.38 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on DTI. Weiss Ratings reissued a “sell (d)” rating on shares of Drilling Tools International in a report on Wednesday, January 21st. Zacks Research upgraded Drilling Tools International from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 10th. Finally, Wall Street Zen raised Drilling Tools International from a “hold” rating to a “buy” rating in a research report on Saturday, March 14th. One investment analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy”.

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.