Drilling Tools International Corp. (NASDAQ:DTI) Short Interest Up 186.8% in May

Drilling Tools International Corp. (NASDAQ:DTI) was the target of a significant growth in short interest in the month of May. As of May 29th, there was short interest totaling 351,742 shares, a growth of 186.8% from the May 14th total of 122,623 shares. Based on an average daily trading volume, of 220,238 shares, the short-interest ratio is presently 1.6 days. Approximately 1.2% of the company’s stock are short sold.

Drilling Tools International Stock Up 0.8%

Shares of DTI stock traded up $0.02 during trading hours on Friday, hitting $2.66. 192,226 shares of the company’s stock traded hands, compared to its average volume of 339,485. The stock’s fifty day simple moving average is $3.17 and its two-hundred day simple moving average is $3.25. Drilling Tools International has a 12-month low of $1.65 and a 12-month high of $4.69. The stock has a market cap of $93.50 million, a price-to-earnings ratio of -24.23, a PEG ratio of 3.33 and a beta of -0.66. The company has a quick ratio of 1.57, a current ratio of 2.15 and a debt-to-equity ratio of 0.38.

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

Wall Street Analysts Forecast Growth

Several brokerages have commented on DTI. Weiss Ratings lowered shares of Drilling Tools International from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 26th. Zacks Research lowered shares of Drilling Tools International from a “hold” rating to a “strong sell” rating in a report on Friday, June 5th. Finally, Wall Street Zen lowered shares of Drilling Tools International from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Two research analysts have rated the stock with a Sell rating, According to data from MarketBeat.com, the company presently has an average rating of “Sell”.

Hedge Funds Weigh In On Drilling Tools International

Several large investors have recently made changes to their positions in the business. Gendell Jeffrey L grew its position in Drilling Tools International by 29.2% in the 4th quarter. Gendell Jeffrey L now owns 2,439,737 shares of the company’s stock worth $5,977,000 after purchasing an additional 552,046 shares during the period. Walleye Capital LLC bought a new stake in Drilling Tools International in the 1st quarter worth approximately $1,243,000. Arrowstreet Capital Limited Partnership bought a new stake in Drilling Tools International in the 1st quarter worth approximately $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 period. Finally, Cresset Asset Management LLC grew its position in 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 purchasing an additional 130,032 shares during the period. 2.79% of the stock is currently owned by hedge funds and other institutional investors.

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.