Short Interest in Drilling Tools International Corp. (NASDAQ:DTI) Decreases By 27.3%

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 target of a large 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 short-interest ratio is currently 1.4 days. Approximately 0.8% of the company's shares are short sold. Approximately 0.8% of the company's shares are short sold. Based on an average daily trading volume, of 78,100 shares, the short-interest ratio is currently 1.4 days.

Analyst Ratings Changes

DTI has been the topic of several recent analyst reports. Zacks Research lowered shares of Drilling Tools International from a "hold" rating to a "strong sell" rating in a report on Friday, August 15th. Wall Street Zen upgraded shares of Drilling Tools International from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Drilling Tools International has a consensus rating of "Hold" and a consensus price target of $5.50.

Drilling Tools International Price Performance

Shares of DTI opened at $2.39 on Wednesday. Drilling Tools International has a twelve month low of $1.43 and a twelve month high of $4.21. The firm's fifty day simple moving average is $2.11 and its 200-day simple moving average is $2.41. The firm has a market capitalization of $85.23 million, a price-to-earnings ratio of -18.38, a PEG ratio of 25.00 and a beta of -0.42. The company has a current ratio of 2.06, a quick ratio of 1.49 and a debt-to-equity ratio of 0.41.

Drilling Tools International (NASDAQ:DTI - Get Free Report) last announced its quarterly earnings data 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). Drilling Tools International had a negative net margin of 2.81% and a positive return on equity of 4.29%. The firm had revenue of $39.42 million during the quarter, compared to analyst estimates of $40.14 million. Drilling Tools International has set its FY 2025 guidance at EPS. Equities analysts forecast that Drilling Tools International will post 0.38 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Northern Trust Corp grew its position in shares of Drilling Tools International by 6.7% in the 4th quarter. Northern Trust Corp now owns 73,848 shares of the company's stock valued at $241,000 after buying an additional 4,639 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Drilling Tools International by 38.0% in the 1st quarter. Bank of New York Mellon Corp now owns 22,526 shares of the company's stock valued at $53,000 after buying an additional 6,203 shares during the last quarter. Wellington Management Group LLP grew its position in shares of Drilling Tools International by 50.6% in the 1st quarter. Wellington Management Group LLP now owns 23,965 shares of the company's stock valued at $57,000 after buying an additional 8,054 shares during the last quarter. XTX Topco Ltd purchased a new position in Drilling Tools International during the 1st quarter worth $32,000. Finally, BNP Paribas Financial Markets purchased a new position in Drilling Tools International during the 4th quarter worth $46,000. 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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