Short Interest in Drilling Tools International Corp. (NASDAQ:DTI) Grows By 151.6%

Drilling Tools International Corp. (NASDAQ:DTI) was the target of a large increase in short interest in the month of June. As of June 30th, there was short interest totaling 922,893 shares, an increase of 151.6% from the June 15th total of 366,853 shares. Based on an average trading volume of 416,280 shares, the short-interest ratio is presently 2.2 days. Currently, 3.2% of the company’s shares are short sold.

Drilling Tools International Price Performance

DTI stock opened at $2.27 on Tuesday. Drilling Tools International has a 52-week low of $1.65 and a 52-week high of $4.69. The company has a quick ratio of 1.57, a current ratio of 2.15 and a debt-to-equity ratio of 0.38. The stock has a market cap of $79.77 million, a price-to-earnings ratio of -20.64, a price-to-earnings-growth ratio of 2.74 and a beta of -0.60. The business has a fifty day moving average of $2.60 and a two-hundred day moving average of $3.18.

Drilling Tools International (NASDAQ:DTI) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.04). The business had revenue of $37.96 million during the quarter, compared to analyst estimates of $37.80 million. Drilling Tools International had a negative net margin of 2.35% and a positive return on equity of 0.45%. As a group, research analysts anticipate that Drilling Tools International will post 0.09 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Gendell Jeffrey L boosted its stake 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 worth $5,977,000 after buying an additional 552,046 shares during the period. Walleye Capital LLC purchased a new stake in shares of Drilling Tools International in the 1st quarter valued at approximately $1,243,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Drilling Tools International in the 1st quarter valued at approximately $954,000. Cresset Asset Management LLC lifted 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 acquiring an additional 130,032 shares during the last quarter. Finally, Geode Capital Management LLC lifted 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 acquiring an additional 17,926 shares during the last quarter. Institutional investors and hedge funds own 2.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Wall Street Zen lowered shares of Drilling Tools International from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Weiss Ratings downgraded shares of Drilling Tools International from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 26th. Finally, Zacks Research upgraded shares of Drilling Tools International from a “strong sell” rating to a “hold” rating in a report on Friday. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Reduce”.

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.