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

Drilling Tools International Co. (NASDAQ:DTI) saw a significant increase in short interest in 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. Currently, 3.3% of the company’s shares are short sold. Based on an average daily trading volume, of 51,100 shares, the days-to-cover ratio is currently 6.4 days.

Drilling Tools International Stock Up 1.8 %

Shares of Drilling Tools International stock opened at $3.33 on Thursday. The stock has a 50-day simple moving average of $3.39 and a 200-day simple moving average of $4.09. Drilling Tools International has a 52-week low of $2.43 and a 52-week high of $6.36. The firm has a market cap of $115.57 million, a price-to-earnings 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.

Analysts Set New Price Targets

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

Institutional Trading of Drilling Tools International

Several large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC boosted its stake in shares of Drilling Tools International by 31.5% during the 3rd quarter. Geode Capital Management LLC now owns 209,808 shares of the company’s stock worth $783,000 after acquiring an additional 50,236 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in Drilling Tools International in the 2nd quarter worth approximately $99,000. Woodstock Corp bought a new stake in Drilling Tools International during the third quarter worth approximately $57,000. Barclays PLC grew its holdings in Drilling Tools International by 414.6% during the third 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 last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Drilling Tools International by 189.5% in the third 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. 2.79% of the stock is owned by institutional investors.

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.