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

Drilling Tools International Co. (NASDAQ:DTI) was the recipient of a large increase in short interest during the month of April. As of April 15th, there was short interest totalling 179,900 shares, an increase of 1,075.8% from the March 31st total of 15,300 shares. Based on an average daily trading volume, of 38,300 shares, the short-interest ratio is currently 4.7 days. Approximately 3.6% of the shares of the stock are short sold.

Hedge Funds Weigh In On Drilling Tools International

Large investors have recently made changes to their positions in the company. Global Retirement Partners LLC purchased a new stake in Drilling Tools International in the 3rd quarter valued at about $192,000. Shaolin Capital Management LLC boosted its position in Drilling Tools International by 188.2% in the 3rd quarter. Shaolin Capital Management LLC now owns 75,000 shares of the company’s stock valued at $293,000 after buying an additional 159,998 shares during the period. Finally, Solidarity Wealth LLC purchased a new stake in Drilling Tools International in the 3rd quarter valued at about $309,000. 2.79% of the stock is owned by hedge funds and other institutional investors.

Drilling Tools International Stock Up 5.7 %

DTI stock opened at $5.60 on Friday. Drilling Tools International has a 12 month low of $2.43 and a 12 month high of $10.58. The company has a 50-day moving average price of $3.67 and a 200 day moving average price of $3.45.

Drilling Tools International (NASDAQ:DTI) last released its quarterly earnings results on Wednesday, March 27th. The company reported $0.13 EPS for the quarter, hitting analysts’ consensus estimates of $0.13. Drilling Tools International had a net margin of 9.70% and a return on equity of 20.30%. The firm had revenue of $35.19 million during the quarter. As a group, research analysts forecast that Drilling Tools International will post 0.69 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.