Drilling Tools International Co. (NASDAQ:DTI) Short Interest Down 9.2% in October

Drilling Tools International Co. (NASDAQ:DTI) was the target of a large decline in short interest in the month of October. As of October 15th, there was short interest totalling 245,600 shares, a decline of 9.2% from the September 30th total of 270,500 shares. Approximately 2.5% of the shares of the company are short sold. Based on an average trading volume of 46,100 shares, the short-interest ratio is presently 5.3 days.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in DTI. Rhumbline Advisers bought a new stake in Drilling Tools International during the second quarter worth approximately $49,000. Concurrent Investment Advisors LLC grew its holdings in shares of Drilling Tools International by 30.8% during the 1st 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. Bank of New York Mellon Corp purchased a new position in shares of Drilling Tools International during the 2nd quarter valued at $99,000. Woodstock Corp purchased a new position in shares of Drilling Tools International during the 3rd quarter valued at $57,000. Finally, Fifth Lane Capital LP boosted its holdings in Drilling Tools International by 12.6% in the first quarter. Fifth Lane Capital LP now owns 45,000 shares of the company’s stock worth $135,000 after purchasing an additional 5,024 shares in the last quarter. 2.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Alliance Global Partners decreased their price objective on Drilling Tools International from $8.50 to $7.50 and set a “buy” rating for the company in a report on Wednesday, August 7th.

Drilling Tools International Stock Performance

DTI stock traded down $0.06 during trading on Friday, hitting $3.29. 5,467 shares of the company traded hands, compared to its average volume of 48,154. The company has a market cap of $114.20 million, a PE ratio of 8.51, a P/E/G ratio of 1.01 and a beta of -0.99. Drilling Tools International has a 1 year low of $2.43 and a 1 year high of $6.36. The stock’s 50-day simple moving average is $3.73 and its 200 day simple moving average is $4.78. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.97 and a quick ratio of 1.50.

Drilling Tools International (NASDAQ:DTI) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.02). The firm had revenue of $37.53 million during the quarter, compared to analysts’ expectations of $42.72 million. Drilling Tools International had a net margin of 7.85% and a return on equity of 16.64%. On average, equities analysts expect that Drilling Tools International will post 0.37 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.