Drilling Tools International Co. (NASDAQ:DTI) Short Interest Up 6.4% in December

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

Institutional Investors Weigh In On Drilling Tools International

A number of institutional investors and hedge funds have recently bought and sold shares of DTI. Geode Capital Management LLC boosted its position in Drilling Tools International by 31.5% during the third quarter. Geode Capital Management LLC now owns 209,808 shares of the company’s stock valued at $783,000 after buying an additional 50,236 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Drilling Tools International by 28.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 28,283 shares of the company’s stock valued at $105,000 after acquiring an additional 6,201 shares in the last quarter. JPMorgan Chase & Co. increased its position in Drilling Tools International by 189.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 20,241 shares of the company’s stock valued at $75,000 after purchasing an additional 13,249 shares during the period. Bank of New York Mellon Corp bought a new position in Drilling Tools International in the 2nd quarter worth $99,000. Finally, Barclays PLC lifted its position 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 worth $62,000 after purchasing an additional 13,479 shares during the period. 2.79% of the stock is owned by hedge funds and other institutional investors.

Drilling Tools International Price Performance

NASDAQ DTI traded up $0.22 during trading on Thursday, reaching $3.33. The company’s stock had a trading volume of 598 shares, compared to its average volume of 49,838. The stock has a market capitalization of $115.57 million, a PE ratio of 11.89, a P/E/G ratio of 1.04 and a beta of -0.90. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.32 and a quick ratio of 0.99. The firm has a fifty day moving average of $3.39 and a 200 day moving average of $4.09. Drilling Tools International has a one year low of $2.43 and a one year high of $6.36.

Analyst Upgrades and Downgrades

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

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.