Short Interest in Drilling Tools International Corp. (NASDAQ:DTI) Decreases By 39.9%

Drilling Tools International Corp. (NASDAQ:DTI) was the target of a significant decrease in short interest in the month of March. As of March 13th, there was short interest totaling 100,318 shares, a decrease of 39.9% from the February 26th total of 166,931 shares. Currently, 0.3% of the company’s stock are short sold. Based on an average daily volume of 208,755 shares, the days-to-cover ratio is presently 0.5 days.

Insider Buying and Selling at Drilling Tools International

In other Drilling Tools International news, insider Michael Wayne Jr. Domino sold 24,996 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider owned 1,433,054 shares of the company’s stock, valued at approximately $5,732,216. This trade represents a 1.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 35,411 shares of company stock worth $139,186 over the last ninety days. 17.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Drilling Tools International

Large investors have recently bought and sold shares of the business. Global Retirement Partners LLC purchased a new position in Drilling Tools International in the 2nd quarter worth about $221,000. Qube Research & Technologies Ltd purchased a new stake in shares of Drilling Tools International during the 2nd quarter valued at about $49,000. Bridgeway Capital Management LLC grew its stake in shares of Drilling Tools International by 187.0% in the second 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. Gendell Jeffrey L grew its stake in shares of Drilling Tools International by 20.9% in the second 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. Finally, Sanders Morris Harris LLC purchased a new position in shares of Drilling Tools International during the third quarter valued at approximately $34,000. 2.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on DTI. Wall Street Zen upgraded Drilling Tools International from a “hold” rating to a “buy” rating in a research note on Saturday, March 14th. Zacks Research raised Drilling Tools International from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 10th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Drilling Tools International in a research note on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy”.

Drilling Tools International Stock Up 1.9%

Shares of DTI traded up $0.07 on Friday, hitting $3.67. 258,301 shares of the stock traded hands, compared to its average volume of 236,127. Drilling Tools International has a one year low of $1.43 and a one year high of $4.38. The company has a market capitalization of $129.14 million, a PE ratio of -30.58, a P/E/G ratio of 2.11 and a beta of -0.34. The business has a 50 day simple moving average of $3.73 and a 200 day simple moving average of $2.89. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.52 and a current ratio of 2.11.

Drilling Tools International (NASDAQ:DTI) last issued its earnings results on Thursday, March 5th. The company reported $0.04 EPS for the quarter. The business had revenue of $38.51 million for the quarter, compared to the consensus estimate of $37.02 million. Drilling Tools International had a positive return on equity of 1.88% and a negative net margin of 2.36%. As a group, equities analysts forecast that Drilling Tools International will post 0.38 earnings per share for the current fiscal year.

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.