Drilling Tools International Co. (NASDAQ:DTI) Short Interest Up 1,075.8% in April

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

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Drilling Tools International

Several institutional investors have recently made changes to their positions in DTI. Global Retirement Partners LLC bought a new position in Drilling Tools International in the 3rd quarter valued at $192,000. Shaolin Capital Management LLC raised its holdings in shares of 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 acquiring an additional 159,998 shares in the last quarter. Finally, Solidarity Wealth LLC purchased a new position in Drilling Tools International in the 3rd quarter worth approximately $309,000. Institutional investors and hedge funds own 2.79% of the company’s stock.

Drilling Tools International Stock Performance

Shares of DTI traded down $0.09 during trading hours on Thursday, hitting $5.30. 67,531 shares of the company were exchanged, compared to its average volume of 36,360. The firm’s fifty day moving average is $3.58 and its 200 day moving average is $3.43. Drilling Tools International has a fifty-two week low of $2.43 and a fifty-two week high of $10.58.

Drilling Tools International (NASDAQ:DTI) last issued its quarterly earnings data on Wednesday, March 27th. The company reported $0.13 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.13. Drilling Tools International had a return on equity of 20.30% and a net margin of 9.70%. The business had revenue of $35.19 million for the quarter. Sell-side analysts expect that Drilling Tools International will post 0.69 EPS for the current fiscal year.

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.