Drilling Tools International Corp. (NASDAQ:DTI) Short Interest Down 44.2% in February

Drilling Tools International Corp. (NASDAQ:DTI) saw a significant drop in short interest in February. As of February 13th, there was short interest totaling 97,541 shares, a drop of 44.2% from the January 29th total of 174,874 shares. Based on an average daily trading volume, of 194,875 shares, the short-interest ratio is presently 0.5 days. Approximately 0.3% of the shares of the stock are short sold. Approximately 0.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 194,875 shares, the short-interest ratio is presently 0.5 days.

Analyst Ratings Changes

Several brokerages have commented on DTI. Wall Street Zen upgraded Drilling Tools International to a “hold” rating in a report on Saturday, January 17th. Zacks Research cut Drilling Tools International from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 6th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Drilling Tools International in a report on Wednesday, January 21st. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Reduce”.

Insider Activity

In other news, insider Michael Wayne Jr. Domino sold 24,996 shares of Drilling Tools International stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $4.00, for a total transaction of $99,984.00. Following the completion of the sale, the insider directly owned 1,433,054 shares of the company’s stock, valued at approximately $5,732,216. The trade was a 1.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last ninety days, insiders sold 35,411 shares of company stock worth $137,249. Company insiders own 56.50% of the company’s stock.

Hedge Funds Weigh In On Drilling Tools International

Several hedge funds have recently modified their holdings of the stock. Y Intercept Hong Kong Ltd bought a new stake in Drilling Tools International in the second quarter worth about $139,000. Global Retirement Partners LLC purchased a new position in Drilling Tools International during the 2nd quarter valued at $221,000. Gendell Jeffrey L grew its position in Drilling Tools International by 20.9% in the 2nd quarter. Gendell Jeffrey L now owns 1,414,027 shares of the company’s stock valued at $4,030,000 after acquiring an additional 244,157 shares during the last quarter. Sanders Morris Harris LLC purchased a new stake in Drilling Tools International in the third quarter worth $34,000. Finally, MAI Capital Management increased its stake in Drilling Tools International by 8,394.3% in the third quarter. MAI Capital Management now owns 65,831 shares of the company’s stock worth $151,000 after purchasing an additional 65,056 shares during the period. Hedge funds and other institutional investors own 2.79% of the company’s stock.

Drilling Tools International Stock Performance

Shares of DTI traded down $0.05 on Friday, reaching $3.48. The company’s stock had a trading volume of 104,650 shares, compared to its average volume of 171,903. The stock’s 50 day simple moving average is $3.41 and its two-hundred day simple moving average is $2.66. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.04 and a quick ratio of 1.47. The stock has a market capitalization of $122.50 million, a P/E ratio of -18.32, a PEG ratio of 2.61 and a beta of -0.35. Drilling Tools International has a 12-month low of $1.43 and a 12-month high of $4.38.

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.