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

Drilling Tools International Corp. (NASDAQ:DTI) saw a large growth in short interest during the month of August. As of August 31st, there was short interest totaling 293,886 shares, a growth of 62.8% from the August 15th total of 180,494 shares. Approximately 1.0% of the company’s stock are short sold. Based on an average daily volume of 185,722 shares, the short-interest ratio is currently 1.6 days.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Private Management Group Inc. acquired a new stake in shares of Drilling Tools International in the 2nd quarter worth about $3,361,000. Walleye Capital LLC acquired a new position in Drilling Tools International during the 1st quarter valued at about $1,243,000. Arrowstreet Capital Limited Partnership bought a new position in Drilling Tools International in the 1st quarter worth about $954,000. Bank of America Corp DE grew its position in Drilling Tools International by 567,520.0% in the 1st quarter. Bank of America Corp DE now owns 141,905 shares of the company’s stock worth $614,000 after purchasing an additional 141,880 shares during the last quarter. Finally, BlackRock Inc. acquired a new stake in shares of Drilling Tools International in the second quarter valued at approximately $254,000. 2.79% of the stock is currently owned by institutional investors.

Drilling Tools International Stock Performance

Shares of NASDAQ:DTI traded up $0.01 during trading on Thursday, reaching $2.50. 35,581 shares of the company’s stock traded hands, compared to its average volume of 311,014. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.18 and a quick ratio of 1.58. Drilling Tools International has a 12 month low of $1.65 and a 12 month high of $4.69. The company has a 50 day moving average of $2.43 and a 200-day moving average of $2.85. The stock has a market capitalization of $88.02 million, a P/E ratio of -27.72, a price-to-earnings-growth ratio of 2.78 and a beta of -0.62.

Drilling Tools International (NASDAQ:DTI) last issued its earnings results on Thursday, August 6th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). Drilling Tools International had a positive return on equity of 0.58% and a negative net margin of 1.97%.The business had revenue of $38.07 million during the quarter, compared to the consensus estimate of $38.72 million. On average, equities analysts expect that Drilling Tools International will post 0.1 EPS for the current year.

Analyst Ratings Changes

DTI has been the topic of several research analyst reports. Weiss Ratings cut shares of Drilling Tools International from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, July 28th. Jefferies Financial Group reissued a “hold” rating and issued a $2.80 price objective on shares of Drilling Tools International in a report on Sunday, August 9th. Finally, Zacks Research raised Drilling Tools International from a “hold” rating to a “strong-buy” rating in a report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Drilling Tools International currently has an average rating of “Hold” and a consensus target price of $2.80.

Drilling Tools International Company Profile

Drilling Tools International Corp. (NASDAQ: DTI) provides rental and related services for downhole drilling tools used in oil and natural gas exploration and production. The company serves drilling contractors, exploration and production companies, and oilfield service providers, supporting onshore and offshore drilling operations.

Its product portfolio includes drill pipe, drill collars, stabilizers, subs, drilling jars, shock tools, completion tools, fishing tools, and other specialized equipment.