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

Drilling Tools International Corp. (NASDAQ:DTI) was the target of a large decrease in short interest during the month of September. As of September 15th, there was short interest totaling 146,216 shares, a decrease of 50.2% from the August 31st total of 293,886 shares. Based on an average daily volume of 202,417 shares, the short-interest ratio is currently 0.7 days. Currently, 0.5% of the company’s shares are short sold.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Weiss Ratings cut Drilling Tools International from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, July 28th. Zacks Research upgraded shares of Drilling Tools International from a “hold” rating to a “strong-buy” rating in a report on Monday, August 10th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $2.80 target price on shares of Drilling Tools International in a research report on Sunday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Drilling Tools International presently has a consensus rating of “Hold” and an average price target of $2.80.

Drilling Tools International Stock Down 2.1%

Shares of DTI traded down $0.05 during mid-day trading on Tuesday, hitting $2.31. 7,372 shares of the company’s stock were exchanged, compared to its average volume of 304,818. The stock’s 50-day moving average is $2.46 and its 200-day moving average is $2.79. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.58 and a current ratio of 2.18. Drilling Tools International has a fifty-two week low of $1.87 and a fifty-two week high of $4.69. The company has a market cap of $81.50 million, a price-to-earnings ratio of -25.66, a P/E/G ratio of 2.72 and a beta of -0.62.

Drilling Tools International (NASDAQ:DTI) last released its earnings results on Thursday, August 6th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate 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 company had revenue of $38.07 million for the quarter, compared to analyst estimates of $38.72 million. On average, sell-side analysts anticipate that Drilling Tools International will post 0.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Drilling Tools International

Large investors have recently modified their holdings of the company. Private Management Group Inc. purchased a new stake in shares of Drilling Tools International during the 2nd quarter worth $3,361,000. Walleye Capital LLC acquired a new position in shares of Drilling Tools International during the first quarter worth $1,243,000. Arrowstreet Capital Limited Partnership purchased a new position in Drilling Tools International in the first quarter valued at $954,000. Bank of America Corp DE increased its holdings in Drilling Tools International by 567,520.0% in the first quarter. Bank of America Corp DE now owns 141,905 shares of the company’s stock valued at $614,000 after buying an additional 141,880 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Drilling Tools International by 385.4% in the first quarter. Dimensional Fund Advisors LP now owns 113,109 shares of the company’s stock valued at $488,000 after buying an additional 89,806 shares in the last quarter. 2.79% of the stock is owned by hedge funds and other institutional investors.

About Drilling Tools International

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.