Drilling Tools International Corp. (NASDAQ:DTI) Stock Short Interest Report for September

Drilling Tools International Corp. (NASDAQ:DTI) saw a large growth in short interest in the month of September. As of September 30th, there was short interest totaling 255,086 shares, a growth of 74.5% from the September 15th total of 146,216 shares. Based on an average trading volume of 154,713 shares, the days-to-cover ratio is currently 1.6 days. Approximately 0.9% of the shares of the company are short sold.

Analyst Ratings Changes

A number of research firms have weighed in on DTI. Weiss Ratings downgraded 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 research note on Sunday, August 9th. Finally, Zacks Research lowered Drilling Tools International from a “strong-buy” rating to a “hold” rating in a report on Friday, October 9th. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $2.80.

Institutional Investors Weigh In On Drilling Tools International

Large investors have recently made changes to their positions in the company. Squarepoint Ops LLC bought a new position in Drilling Tools International in the second quarter valued at approximately $34,000. OMERS ADMINISTRATION Corp bought a new stake in shares of Drilling Tools International during the 1st quarter worth approximately $80,000. Engineers Gate Manager LP grew its position in shares of Drilling Tools International by 129.2% in the 2nd quarter. Engineers Gate Manager LP now owns 37,825 shares of the company’s stock valued at $73,000 after acquiring an additional 21,319 shares during the period. AXQ Capital LP raised its holdings in shares of Drilling Tools International by 93.5% in the 2nd quarter. AXQ Capital LP now owns 48,048 shares of the company’s stock valued at $93,000 after purchasing an additional 23,213 shares during the period. Finally, Empowered Funds LLC acquired a new stake in Drilling Tools International in the 2nd quarter valued at about $103,000. Institutional investors own 2.79% of the company’s stock.

Drilling Tools International Trading Up 10.5%

Shares of DTI stock traded up $0.18 during trading hours on Friday, reaching $1.85. 218,059 shares of the stock traded hands, compared to its average volume of 303,642. The company has a quick ratio of 1.58, a current ratio of 2.18 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $65.13 million, a PE ratio of -20.56, a PEG ratio of 2.01 and a beta of -0.61. Drilling Tools International has a 1-year low of $1.61 and a 1-year high of $4.69. The business has a fifty day moving average price of $2.42 and a 200 day moving average price of $2.65.

Drilling Tools International (NASDAQ:DTI) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). The business had revenue of $38.07 million for the quarter, compared to analysts’ expectations of $38.72 million. Drilling Tools International had a negative net margin of 1.97% and a positive return on equity of 0.58%. On average, equities research analysts forecast that Drilling Tools International will post 0.10 EPS for the current year.

Drilling Tools International Company Profile

Drilling Tools International Corp. (NASDAQ: DTI) is an oilfield services company that provides downhole drilling tools and related equipment to exploration and production companies, drilling contractors and other energy-sector customers. The company’s offerings are designed for use in onshore and offshore drilling operations, including applications involving directional drilling, well construction and completion.

Its product portfolio includes drill collars, heavy-weight drill pipe, stabilizers, subs, drilling jars, downhole motors and other specialized drilling tools.