Drilling Tools International Corp. (NASDAQ:DTI) Short Interest Down 67.4% in August

Key Points

• Short interest plunged 67.4% to 180,494 shares in August from 554,122 shares at the end of July. Only 0.6% of DTI’s outstanding shares are sold short, with a days-to-cover ratio of 0.7.
• Analyst opinions remain mixed, resulting in an overall “Hold” rating and an average price target of $2.80; ratings ranged from Strong Buy to Sell.
• Drilling Tools International reported a quarterly loss of $0.02 per share, missing estimates by $0.01, while revenue of $38.07 million also fell slightly short of expectations.

Drilling Tools International Corp. (NASDAQ:DTI - Get Free Report) was the recipient of a significant decrease in short interest during the month of August. As of August 14th, there was short interest totaling 180,494 shares, a decrease of 67.4% from the July 30th total of 554,122 shares. Based on an average trading volume of 277,640 shares, the days-to-cover ratio is currently 0.7 days. Currently, 0.6% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Jefferies Financial Group reiterated a "hold" rating and set a $2.80 target price on shares of Drilling Tools International in a research report on Sunday, August 9th. Zacks Research raised shares of Drilling Tools International from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 10th. Weiss Ratings cut shares of Drilling Tools International from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, July 28th. Finally, Wall Street Zen cut Drilling Tools International from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Drilling Tools International presently has an average rating of "Hold" and an average target price of $2.80.

Drilling Tools International Stock Performance

Shares of NASDAQ DTI opened at $2.51 on Thursday. 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 business has a fifty day simple moving average of $2.28 and a two-hundred day simple moving average of $2.98. The firm has a market cap of $88.55 million, a PE ratio of -27.89, a price-to-earnings-growth ratio of 2.78 and a beta of -0.63. Drilling Tools International has a twelve month low of $1.65 and a twelve month high of $4.69.

Drilling Tools International (NASDAQ:DTI - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate 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%. Analysts expect that Drilling Tools International will post 0.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Drilling Tools International

A number of large investors have recently made changes to their positions in DTI. Qube Research & Technologies Ltd purchased a new position in Drilling Tools International during the 2nd quarter worth approximately $49,000. Bridgeway Capital Management LLC boosted its holdings in shares of Drilling Tools International by 187.0% in the 2nd quarter. Bridgeway Capital Management LLC now owns 71,741 shares of the company's stock valued at $204,000 after acquiring an additional 46,741 shares during the last quarter. Cresset Asset Management LLC increased its stake in shares of Drilling Tools International by 184.5% in the third quarter. Cresset Asset Management LLC now owns 200,521 shares of the company's stock worth $461,000 after acquiring an additional 130,032 shares during the period. Citadel Advisors LLC acquired a new position in Drilling Tools International during the third quarter valued at $55,000. Finally, Bailard Inc. purchased a new stake in Drilling Tools International in the fourth quarter valued at $190,000. 2.79% of the stock is 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.

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