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

Key Points

• Short interest in Drilling Tools International surged 151.6% in June, reaching 922,893 shares by June 30, or about 3.2% of the float. The short-interest ratio stands at 2.2 days based on average trading volume.
• Analyst sentiment remains cautious, with recent rating changes including downgrades from Weiss Ratings and Wall Street Zen, while Zacks moved the stock up to Hold. Overall, MarketBeat says the consensus rating is Reduce.
• The stock was trading at $2.27, below both its 50-day and 200-day moving averages, after reporting a recent quarterly EPS miss despite revenue slightly topping estimates. The company has a market cap of about $79.8 million.

Drilling Tools International Corp. (NASDAQ:DTI - Get Free Report) saw a significant growth in short interest in the month of June. As of June 30th, there was short interest totaling 922,893 shares, a growth of 151.6% from the June 15th total of 366,853 shares. Currently, 3.2% of the shares of the stock are short sold. Based on an average trading volume of 416,280 shares, the short-interest ratio is currently 2.2 days.

Analyst Upgrades and Downgrades

Several research firms have issued reports on DTI. Weiss Ratings downgraded shares of Drilling Tools International from a "sell (d)" rating to a "sell (d-)" rating in a report on Tuesday, May 26th. Zacks Research raised shares of Drilling Tools International from a "strong sell" rating to a "hold" rating in a research note on Friday. Finally, Wall Street Zen downgraded shares of Drilling Tools International from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Reduce".

Institutional Trading of Drilling Tools International

Hedge funds have recently bought and sold shares of the business. XTX Topco Ltd lifted its stake in Drilling Tools International by 52.3% in the 4th quarter. XTX Topco Ltd now owns 16,026 shares of the company's stock worth $39,000 after purchasing an additional 5,504 shares in the last quarter. Qube Research & Technologies Ltd purchased a new stake in shares of Drilling Tools International in the second quarter valued at approximately $49,000. Geode Capital Management LLC increased its holdings in shares of Drilling Tools International by 12.7% in the fourth quarter. Geode Capital Management LLC now owns 159,400 shares of the company's stock valued at $391,000 after purchasing an additional 17,926 shares during the last quarter. OMERS ADMINISTRATION Corp acquired a new stake in shares of Drilling Tools International in the first quarter valued at approximately $80,000. Finally, Citadel Advisors LLC purchased a new position in Drilling Tools International during the third quarter worth approximately $55,000. Institutional investors and hedge funds own 2.79% of the company's stock.

Drilling Tools International Stock Up 2.3%

Shares of DTI opened at $2.27 on Tuesday. The stock has a 50 day moving average price of $2.60 and a 200 day moving average price of $3.18. Drilling Tools International has a one year low of $1.65 and a one year high of $4.69. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.57 and a current ratio of 2.15. The stock has a market capitalization of $79.77 million, a price-to-earnings ratio of -20.64, a PEG ratio of 2.74 and a beta of -0.60.

Drilling Tools International (NASDAQ:DTI - Get Free Report) last announced 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). The business had revenue of $37.96 million for the quarter, compared to analyst estimates of $37.80 million. Drilling Tools International had a positive return on equity of 0.45% and a negative net margin of 2.35%. Equities research analysts forecast that Drilling Tools International will post 0.09 earnings per share for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.