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

Key Points

• Short interest fell sharply: Drilling Tools International’s short interest declined 50.2% to 146,216 shares as of September 15, representing 0.5% of shares outstanding and 0.7 days of average trading volume.
• Analyst sentiment remains mixed: Ratings include one Strong Buy, one Hold, and one Sell, resulting in a consensus “Hold” rating and an average price target of $2.80.
• Shares and quarterly results remain under pressure: DTI traded at $2.31, below its 50-day and 200-day moving averages, while its latest quarter missed earnings and revenue expectations, reporting a $0.02 loss per share on $38.07 million in revenue.

Drilling Tools International Corp. (NASDAQ:DTI - Get Free Report) was the target of a significant decrease in short interest in the month of September. As of September 15th, there was short interest totaling 146,216 shares, a decrease of 50.2% from the August 31st total of 293,886 shares. Currently, 0.5% of the shares of the company are sold short. Based on an average daily volume of 202,417 shares, the short-interest ratio is currently 0.7 days.

Analyst Ratings Changes

DTI has been the subject of a number of recent research reports. Zacks Research raised shares of Drilling Tools International from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 10th. Jefferies Financial Group reaffirmed a "hold" rating and set a $2.80 price target on shares of Drilling Tools International in a research report on Sunday, August 9th. Finally, Weiss Ratings cut Drilling Tools International from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $2.80.

Institutional Investors Weigh In On Drilling Tools International

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

Drilling Tools International Price Performance

Shares of NASDAQ DTI traded down $0.05 during trading on Tuesday, hitting $2.31. The company had a trading volume of 7,372 shares, compared to its average volume of 304,818. The firm has a market capitalization of $81.50 million, a price-to-earnings ratio of -25.66, a price-to-earnings-growth ratio of 2.72 and a beta of -0.62. The stock has a fifty day simple moving average of $2.46 and a two-hundred day simple moving average of $2.79. The company has a quick ratio of 1.58, a current ratio of 2.18 and a debt-to-equity ratio of 0.40. Drilling Tools International has a fifty-two week low of $1.87 and a fifty-two week high of $4.69.

Drilling Tools International (NASDAQ:DTI - Get Free Report) 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 company had revenue of $38.07 million during 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, research analysts expect that Drilling Tools International will post 0.1 earnings per share for the current year.

Drilling Tools International Company Profile

Drilling Tools International Corp. NASDAQ: DTI provides rental and related services for downhole drilling tools used in oil and natural gas exploration and production. The company serves drilling contractors, exploration and production companies, and oilfield service providers, supporting onshore and offshore drilling operations.

Its product portfolio includes drill pipe, drill collars, stabilizers, subs, drilling jars, shock tools, completion tools, fishing tools, and other specialized equipment.

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