Drilling Tools International Co. (NASDAQ:DTI) Sees Significant Increase in Short Interest

Drilling Tools International Co. (NASDAQ:DTI) was the target of a significant increase in short interest during the month of December. As of December 15th, there was short interest totalling 328,300 shares, an increase of 6.4% from the November 30th total of 308,600 shares. Approximately 3.3% of the shares of the company are short sold. Based on an average trading volume of 51,100 shares, the short-interest ratio is currently 6.4 days.

Analysts Set New Price Targets

Separately, Alliance Global Partners decreased their price target on shares of Drilling Tools International from $7.50 to $5.50 and set a “buy” rating on the stock in a research report on Friday, November 15th.

Institutional Trading of Drilling Tools International

A number of institutional investors and hedge funds have recently modified their holdings of DTI. Bank of New York Mellon Corp acquired a new stake in shares of Drilling Tools International during the 2nd quarter valued at about $99,000. Rhumbline Advisers acquired a new position in Drilling Tools International in the second quarter worth about $49,000. Woodstock Corp bought a new position in Drilling Tools International during the third quarter worth about $57,000. Charles Schwab Investment Management Inc. boosted its holdings in Drilling Tools International by 28.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 28,283 shares of the company’s stock valued at $105,000 after purchasing an additional 6,201 shares in the last quarter. Finally, Barclays PLC grew its stake in shares of Drilling Tools International by 414.6% in the 3rd quarter. Barclays PLC now owns 16,730 shares of the company’s stock valued at $62,000 after purchasing an additional 13,479 shares during the period. 2.79% of the stock is currently owned by institutional investors.

Drilling Tools International Trading Up 1.8 %

Drilling Tools International stock opened at $3.33 on Thursday. The business has a 50 day moving average price of $3.39 and a two-hundred day moving average price of $4.09. The company has a quick ratio of 0.99, a current ratio of 1.32 and a debt-to-equity ratio of 0.15. Drilling Tools International has a 12 month low of $2.43 and a 12 month high of $6.36. The stock has a market cap of $115.57 million, a price-to-earnings ratio of 11.89, a price-to-earnings-growth ratio of 1.04 and a beta of -0.90.

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.