Drilling Tools International Corp. (NASDAQ:DTI) Sees Significant Drop in Short Interest

Key Points

• Short interest in Drilling Tools International Corp. (NASDAQ:DTI) decreased by 27.3% in August, with total short interest dropping to 109,700 shares.
• Analyst ratings for DTI show a mixed outlook, with consensus ratings of "Hold" and a price target of $5.50, despite Zacks Research downgrading the stock to "strong sell."
• The company reported a loss of ($0.02) EPS for the latest quarter, missing analysts' expectations, along with a revenue of $39.42 million against projected estimates.

Drilling Tools International Corp. (NASDAQ:DTI - Get Free Report) was the recipient of a significant decrease in short interest in the month of August. As of August 31st, there was short interest totaling 109,700 shares, a decrease of 27.3% from the August 15th total of 150,900 shares. Based on an average daily trading volume, of 78,100 shares, the days-to-cover ratio is currently 1.4 days. Currently, 0.8% of the company's shares are short sold. Currently, 0.8% of the company's shares are short sold. Based on an average daily trading volume, of 78,100 shares, the days-to-cover ratio is currently 1.4 days.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Gendell Jeffrey L boosted its stake in shares of Drilling Tools International by 20.9% during the 2nd quarter. Gendell Jeffrey L now owns 1,414,027 shares of the company's stock worth $4,030,000 after acquiring an additional 244,157 shares during the period. Global Retirement Partners LLC bought a new position in shares of Drilling Tools International during the 2nd quarter worth approximately $221,000. Northern Trust Corp boosted its stake in shares of Drilling Tools International by 6.7% during the 4th quarter. Northern Trust Corp now owns 73,848 shares of the company's stock worth $241,000 after acquiring an additional 4,639 shares during the period. Bridgeway Capital Management LLC boosted its stake in shares of Drilling Tools International by 187.0% during the 2nd quarter. Bridgeway Capital Management LLC now owns 71,741 shares of the company's stock worth $204,000 after acquiring an additional 46,741 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Drilling Tools International during the 2nd quarter worth approximately $139,000. 2.79% of the stock is currently owned by institutional investors.

Drilling Tools International Stock Down 5.9%

Shares of NASDAQ:DTI traded down $0.15 during mid-day trading on Friday, reaching $2.40. 274,158 shares of the stock were exchanged, compared to its average volume of 63,738. The company has a quick ratio of 1.49, a current ratio of 2.06 and a debt-to-equity ratio of 0.41. The company has a market cap of $85.58 million, a P/E ratio of -18.46 and a beta of -0.42. Drilling Tools International has a one year low of $1.43 and a one year high of $4.18. The stock's 50 day simple moving average is $2.11 and its 200-day simple moving average is $2.41.

Drilling Tools International (NASDAQ:DTI - Get Free Report) last posted its quarterly earnings results on Wednesday, August 13th. The company reported ($0.02) earnings per share for the quarter, missing analysts' consensus estimates of $0.04 by ($0.06). The company had revenue of $39.42 million during the quarter, compared to the consensus estimate of $40.14 million. Drilling Tools International had a negative net margin of 2.81% and a positive return on equity of 4.29%. Drilling Tools International has set its FY 2025 guidance at EPS. As a group, equities research analysts predict that Drilling Tools International will post 0.38 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Zacks Research lowered Drilling Tools International from a "hold" rating to a "strong sell" rating in a research note on Friday, August 15th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $5.50.

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.