Drilling Tools International Corp. (NASDAQ:DTI – Get Free Report) was the target of a significant increase in short interest during the month of May. As of May 29th, there was short interest totaling 351,742 shares, an increase of 186.8% from the May 14th total of 122,623 shares. Currently, 1.2% of the shares of the stock are sold short. Based on an average trading volume of 220,238 shares, the days-to-cover ratio is currently 1.6 days.
Drilling Tools International Trading Up 0.8%
Shares of NASDAQ:DTI traded up $0.02 on Friday, reaching $2.66. 192,226 shares of the company traded hands, compared to its average volume of 339,485. The business’s 50-day simple moving average is $3.17 and its 200 day simple moving average is $3.25. Drilling Tools International has a 52 week low of $1.65 and a 52 week high of $4.69. The stock has a market capitalization of $93.50 million, a P/E ratio of -24.23, a price-to-earnings-growth ratio of 3.33 and a beta of -0.66. The company has a current ratio of 2.15, a quick ratio of 1.57 and a debt-to-equity ratio of 0.38.
Drilling Tools International (NASDAQ:DTI – Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.04). Drilling Tools International had a negative net margin of 2.35% and a positive return on equity of 0.45%. The company had revenue of $37.96 million for the quarter, compared to the consensus estimate of $37.80 million. As a group, equities analysts anticipate that Drilling Tools International will post 0.09 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
Institutional Trading of Drilling Tools International
Several large investors have recently modified their holdings of the business. XTX Topco Ltd grew its stake in shares of Drilling Tools International by 52.3% in the fourth quarter. XTX Topco Ltd now owns 16,026 shares of the company’s stock worth $39,000 after purchasing an additional 5,504 shares during the last quarter. Qube Research & Technologies Ltd bought a new stake in shares of Drilling Tools International in the second quarter worth about $49,000. Geode Capital Management LLC lifted its holdings in Drilling Tools International by 12.7% in the fourth quarter. Geode Capital Management LLC now owns 159,400 shares of the company’s stock worth $391,000 after buying an additional 17,926 shares during the period. OMERS ADMINISTRATION Corp purchased a new stake in Drilling Tools International in the first quarter worth about $80,000. Finally, Citadel Advisors LLC purchased a new stake in Drilling Tools International in the third quarter worth about $55,000. 2.79% of the stock is owned by institutional investors.
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.
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