Drilling Tools International Co. (NASDAQ:DTI) Short Interest Update

Drilling Tools International Co. (NASDAQ:DTI) was the recipient of a significant growth in short interest in October. As of October 31st, there was short interest totalling 317,000 shares, a growth of 29.1% from the October 15th total of 245,600 shares. Approximately 3.2% of the company’s stock are short sold. Based on an average daily volume of 43,900 shares, the short-interest ratio is presently 7.2 days.

Institutional Trading of Drilling Tools International

Hedge funds have recently added to or reduced their stakes in the company. Gendell Jeffrey L purchased a new stake in shares of Drilling Tools International in the 1st quarter valued at approximately $35,000. Shaolin Capital Management LLC increased its holdings in Drilling Tools International by 14.0% in the first quarter. Shaolin Capital Management LLC now owns 83,217 shares of the company’s stock valued at $250,000 after buying an additional 10,204 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in Drilling Tools International in the second quarter valued at $99,000. Rhumbline Advisers acquired a new stake in Drilling Tools International in the second quarter valued at $49,000. Finally, Woodstock Corp acquired a new position in shares of Drilling Tools International during the 3rd quarter worth about $57,000. Institutional investors and hedge funds own 2.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Alliance Global Partners cut their price objective on Drilling Tools International from $7.50 to $5.50 and set a “buy” rating on the stock in a research report on Friday.

Drilling Tools International Price Performance

DTI stock opened at $3.49 on Friday. The business’s 50-day moving average is $3.60 and its two-hundred day moving average is $4.64. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.97 and a quick ratio of 1.50. The firm has a market capitalization of $120.95 million, a P/E ratio of 12.45, a P/E/G ratio of 1.05 and a beta of -0.96. Drilling Tools International has a 1 year low of $2.43 and a 1 year high of $6.36.

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.