Short Interest in Drilling Tools International Co. (NASDAQ:DTI) Grows By 29.1%

Drilling Tools International Co. (NASDAQ:DTI) was the target of a significant growth in short interest during the month of 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. Currently, 3.2% of the shares of the company are short sold. Based on an average daily volume of 43,900 shares, the days-to-cover ratio is presently 7.2 days.

Wall Street Analyst Weigh In

Separately, Alliance Global Partners dropped their target price on Drilling Tools International from $8.50 to $7.50 and set a “buy” rating on the stock in a research report on Wednesday, August 7th.

Institutional Investors Weigh In On Drilling Tools International

Several hedge funds have recently modified their holdings of DTI. Rhumbline Advisers bought a new position in Drilling Tools International during the second quarter worth $49,000. Gendell Jeffrey L bought a new position in shares of Drilling Tools International in the first quarter valued at approximately $35,000. Woodstock Corp acquired a new position in shares of Drilling Tools International during the 3rd quarter valued at $57,000. Bank of New York Mellon Corp acquired a new stake in Drilling Tools International in the 2nd quarter valued at about $99,000. Finally, Charles Schwab Investment Management Inc. grew its position in Drilling Tools International by 28.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 28,283 shares of the company’s stock worth $105,000 after buying an additional 6,201 shares during the last quarter. 2.79% of the stock is currently owned by hedge funds and other institutional investors.

Drilling Tools International Trading Down 0.9 %

Shares of Drilling Tools International stock traded down $0.03 during trading hours on Friday, reaching $3.44. 4,461 shares of the company’s stock were exchanged, compared to its average volume of 49,480. Drilling Tools International has a 52-week low of $2.43 and a 52-week high of $6.36. The company has a fifty day moving average of $3.61 and a 200-day moving average of $4.68. The firm has a market capitalization of $119.40 million, a price-to-earnings ratio of 12.39, a price-to-earnings-growth ratio of 1.05 and a beta of -0.96. The company has a current ratio of 1.97, a quick ratio of 1.50 and a debt-to-equity ratio of 0.21.

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.