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

Drilling Tools International Co. (NASDAQ:DTI) saw a significant decline in short interest in the month of March. As of March 31st, there was short interest totalling 15,300 shares, a decline of 10.5% from the March 15th total of 17,100 shares. Approximately 0.3% of the company’s shares are short sold. Based on an average daily volume of 30,400 shares, the days-to-cover ratio is currently 0.5 days.

Drilling Tools International Stock Performance

NASDAQ:DTI opened at $4.58 on Wednesday. Drilling Tools International has a 52 week low of $2.43 and a 52 week high of $10.58. The stock’s fifty day moving average is $3.28 and its two-hundred day moving average is $3.37.

Hedge Funds Weigh In On Drilling Tools International

Several hedge funds have recently bought and sold shares of the company. Rivernorth Capital Management LLC purchased a new position in Drilling Tools International in the 2nd quarter valued at approximately $88,000. Vanguard Group Inc. purchased a new position in Drilling Tools International in the fourth quarter valued at $110,000. Citigroup Inc. acquired a new position in Drilling Tools International during the 2nd quarter worth $131,000. Polar Asset Management Partners Inc. purchased a new stake in Drilling Tools International during the 2nd quarter worth about $148,000. Finally, Alberta Investment Management Corp purchased a new stake in Drilling Tools International during the 2nd quarter worth about $174,000. Institutional investors and hedge funds own 2.79% of the company’s stock.

Analysts Set New Price Targets

Separately, Jefferies Financial Group assumed coverage on shares of Drilling Tools International in a report on Monday, February 26th. They issued a “hold” rating and a $3.00 price objective on the stock.

About Drilling Tools International

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.