Short Interest in Drilling Tools International Co. (NASDAQ:DTI) Expands By 28.6%

Drilling Tools International Co. (NASDAQ:DTI) saw a significant increase in short interest in the month of May. As of May 31st, there was short interest totalling 461,900 shares, an increase of 28.6% from the May 15th total of 359,300 shares. Approximately 9.1% of the shares of the company are sold short. Based on an average daily trading volume, of 56,100 shares, the short-interest ratio is presently 8.2 days.

Drilling Tools International Price Performance

Shares of Drilling Tools International stock traded up $0.30 during trading on Monday, reaching $5.55. The company’s stock had a trading volume of 15,323 shares, compared to its average volume of 40,461. The company has a quick ratio of 1.59, a current ratio of 1.92 and a debt-to-equity ratio of 0.22. Drilling Tools International has a 12-month low of $2.43 and a 12-month high of $6.98. The company has a market capitalization of $165.22 million, a P/E ratio of 12.21, a price-to-earnings-growth ratio of 0.94 and a beta of -0.91. The business has a 50 day moving average price of $5.52 and a 200-day moving average price of $3.96.

Drilling Tools International (NASDAQ:DTI) last posted its quarterly earnings results on Thursday, May 9th. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.02). The business had revenue of $36.97 million during the quarter. Drilling Tools International had a net margin of 8.21% and a return on equity of 14.88%. As a group, sell-side analysts anticipate that Drilling Tools International will post 0.62 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group assumed coverage on Drilling Tools International in a research note on Monday, February 26th. They issued a “hold” rating and a $3.00 target price on the stock.

Hedge Funds Weigh In On Drilling Tools International

Several hedge funds and other institutional investors have recently bought and sold shares of DTI. Shaolin Capital Management LLC lifted its position in shares of Drilling Tools International by 188.2% in the third quarter. Shaolin Capital Management LLC now owns 75,000 shares of the company’s stock valued at $293,000 after acquiring an additional 159,998 shares in the last quarter. Solidarity Wealth LLC lifted its position in shares of Drilling Tools International by 250.0% in the fourth quarter. Solidarity Wealth LLC now owns 277,227 shares of the company’s stock valued at $887,000 after acquiring an additional 198,020 shares in the last quarter. Fifth Lane Capital LP lifted its position in shares of Drilling Tools International by 12.6% in the first quarter. Fifth Lane Capital LP now owns 45,000 shares of the company’s stock valued at $135,000 after acquiring an additional 5,024 shares in the last quarter. Concurrent Investment Advisors LLC lifted its position in shares of Drilling Tools International by 30.8% in the first quarter. Concurrent Investment Advisors LLC now owns 85,000 shares of the company’s stock valued at $255,000 after acquiring an additional 20,000 shares in the last quarter. Finally, Gendell Jeffrey L purchased a new stake in shares of Drilling Tools International in the first quarter valued at $35,000. 2.79% of the stock is owned by institutional investors and hedge funds.

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.