Drilling Tools International Corp. (NASDAQ:DTI) Stock Short Interest Rises 74.5%

Key Points

• Short interest surged 74.5% to 255,086 shares as of September 30, representing about 0.9% of DTI’s outstanding shares and 1.6 days to cover.
• Drilling Tools International shares fell 4.1% to $1.74, near their one-year low of $1.74. The company recently missed quarterly EPS and revenue estimates.
• Analyst sentiment is cautious, with a consensus “Reduce” rating and an average price target of $2.80; institutional investors own 2.79% of the stock.

Drilling Tools International Corp. (NASDAQ:DTI - Get Free Report) was the target of a large increase in short interest in September. As of September 30th, there was short interest totaling 255,086 shares, an increase of 74.5% from the September 15th total of 146,216 shares. Approximately 0.9% of the shares of the stock are short sold. Based on an average trading volume of 154,713 shares, the days-to-cover ratio is presently 1.6 days.

Drilling Tools International Trading Down 4.1%

Shares of Drilling Tools International stock traded down $0.07 during trading on Thursday, hitting $1.74. The stock had a trading volume of 150,205 shares, compared to its average volume of 302,861. The stock has a 50 day simple moving average of $2.43 and a 200 day simple moving average of $2.67. The company has a market capitalization of $61.21 million, a PE ratio of -19.28, a P/E/G ratio of 2.24 and a beta of -0.61. 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 1 year low of $1.74 and a 1 year high of $4.69.

Drilling Tools International (NASDAQ:DTI - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.02) EPS for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.01). Drilling Tools International had a positive return on equity of 0.58% and a negative net margin of 1.97%. The firm had revenue of $38.07 million during the quarter, compared to analyst estimates of $38.72 million. On average, research analysts expect that Drilling Tools International will post 0.10 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Weiss Ratings lowered Drilling Tools International from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, July 28th. Jefferies Financial Group reiterated a "hold" rating and issued a $2.80 price target on shares of Drilling Tools International in a research report on Sunday, August 9th. Finally, Zacks Research lowered Drilling Tools International from a "strong-buy" rating to a "hold" rating in a research report on Friday, October 9th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Reduce" and an average price target of $2.80.

Institutional Trading of Drilling Tools International

Several hedge funds and other institutional investors have recently modified their holdings of DTI. Private Management Group Inc. acquired a new position in Drilling Tools International during the second quarter valued at $3,361,000. Walleye Capital LLC purchased a new stake in Drilling Tools International in the 1st quarter worth about $1,243,000. Arrowstreet Capital Limited Partnership acquired a new stake in Drilling Tools International during the 1st quarter worth about $954,000. Bank of America Corp DE boosted its position in Drilling Tools International by 567,520.0% during the 1st quarter. Bank of America Corp DE now owns 141,905 shares of the company's stock worth $614,000 after acquiring an additional 141,880 shares during the period. Finally, BlackRock Inc. acquired a new stake in Drilling Tools International during the 2nd quarter worth about $254,000. Institutional investors and hedge funds own 2.79% of the company's stock.

Drilling Tools International Company Profile

Drilling Tools International Corp. NASDAQ: DTI is an oilfield services company that provides downhole drilling tools and related equipment to exploration and production companies, drilling contractors and other energy-sector customers. The company's offerings are designed for use in onshore and offshore drilling operations, including applications involving directional drilling, well construction and completion.

Its product portfolio includes drill collars, heavy-weight drill pipe, stabilizers, subs, drilling jars, downhole motors and other specialized drilling tools.

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