Short Interest in Drilling Tools International Corp. (NASDAQ:DTI) Drops By 19.4%

Drilling Tools International Corp. (NASDAQ:DTI) was the target of a significant decrease in short interest in August. As of August 15th, there was short interest totaling 150,900 shares, a decrease of 19.4% from the July 31st total of 187,300 shares. Approximately 1.1% of the company’s stock are short sold. Based on an average trading volume of 77,200 shares, the short-interest ratio is currently 2.0 days. Based on an average trading volume of 77,200 shares, the short-interest ratio is currently 2.0 days. Approximately 1.1% of the company’s stock are short sold.

Drilling Tools International Stock Down 0.5%

DTI stock opened at $1.95 on Wednesday. Drilling Tools International has a twelve month low of $1.43 and a twelve month high of $4.21. The company has a quick ratio of 1.49, a current ratio of 2.06 and a debt-to-equity ratio of 0.41. The stock’s 50 day moving average is $2.18 and its 200-day moving average is $2.45. The firm has a market capitalization of $69.54 million, a PE ratio of -15.00, a P/E/G ratio of 21.78 and a beta of -0.42.

Drilling Tools International (NASDAQ:DTI) last posted its earnings results on Wednesday, August 13th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.06). Drilling Tools International had a negative net margin of 2.81% and a positive return on equity of 4.29%. The company had revenue of $39.42 million during the quarter, compared to the consensus estimate of $40.14 million. Drilling Tools International has set its FY 2025 guidance at EPS. Sell-side analysts expect that Drilling Tools International will post 0.38 EPS for the current fiscal year.

Drilling Tools International declared that its board has authorized a share buyback plan on Tuesday, May 13th that authorizes the company to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 10.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Gendell Jeffrey L lifted its holdings 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 valued at $4,030,000 after purchasing an additional 244,157 shares in the last quarter. Bridgeway Capital Management LLC increased its position in shares of Drilling Tools International by 187.0% during the second quarter. Bridgeway Capital Management LLC now owns 71,741 shares of the company’s stock valued at $204,000 after acquiring an additional 46,741 shares during the last quarter. Qube Research & Technologies Ltd purchased a new stake in shares of Drilling Tools International during the second quarter valued at approximately $49,000. Global Retirement Partners LLC purchased a new stake in shares of Drilling Tools International during the second quarter valued at approximately $221,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of Drilling Tools International during the second quarter valued at approximately $139,000. Institutional investors own 2.79% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on DTI shares. Wall Street Zen upgraded Drilling Tools International from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd. Zacks Research lowered Drilling Tools International from a “hold” rating to a “strong sell” rating in a report on Friday, August 15th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Drilling Tools International has an average rating of “Hold” and a consensus price target of $5.50.

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.