Short Interest in Drilling Tools International Co. (NASDAQ:DTI) Declines By 9.2%

Drilling Tools International Co. (NASDAQ:DTI) saw a large decline in short interest in October. As of October 15th, there was short interest totalling 245,600 shares, a decline of 9.2% from the September 30th total of 270,500 shares. Based on an average daily trading volume, of 46,100 shares, the short-interest ratio is currently 5.3 days. Currently, 2.5% of the shares of the stock are sold short.

Analysts Set New Price Targets

Separately, Alliance Global Partners dropped their price target on Drilling Tools International from $8.50 to $7.50 and set a “buy” rating for the company in a research report on Wednesday, August 7th.

Institutional Trading of Drilling Tools International

Large investors have recently added to or reduced their stakes in the stock. Fifth Lane Capital LP boosted its holdings in Drilling Tools International by 12.6% in the 1st quarter. Fifth Lane Capital LP now owns 45,000 shares of the company’s stock valued at $135,000 after purchasing an additional 5,024 shares during the last quarter. Concurrent Investment Advisors LLC lifted its holdings in Drilling Tools International by 30.8% in the first quarter. Concurrent Investment Advisors LLC now owns 85,000 shares of the company’s stock valued at $255,000 after acquiring an additional 20,000 shares during the last quarter. Gendell Jeffrey L purchased a new position in Drilling Tools International in the first quarter worth approximately $35,000. Shaolin Capital Management LLC grew its position in Drilling Tools International by 14.0% in the first quarter. Shaolin Capital Management LLC now owns 83,217 shares of the company’s stock worth $250,000 after acquiring an additional 10,204 shares during the period. Finally, Bank of New York Mellon Corp purchased a new stake in Drilling Tools International in the second quarter valued at $99,000. 2.79% of the stock is currently owned by hedge funds and other institutional investors.

Drilling Tools International Price Performance

DTI traded down $0.03 on Wednesday, reaching $3.36. 29,822 shares of the company’s stock were exchanged, compared to its average volume of 48,394. Drilling Tools International has a twelve month low of $2.43 and a twelve month high of $6.36. The stock has a market cap of $116.61 million, a PE ratio of 8.59, a P/E/G ratio of 0.99 and a beta of -0.99. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.97 and a quick ratio of 1.50. The stock’s fifty day moving average price is $3.76 and its 200-day moving average price is $4.80.

Drilling Tools International (NASDAQ:DTI) last issued its earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.02). The company had revenue of $37.53 million for the quarter, compared to analyst estimates of $42.72 million. Drilling Tools International had a return on equity of 16.64% and a net margin of 7.85%. Sell-side analysts expect that Drilling Tools International will post 0.37 EPS for the current year.

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.