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

Drilling Tools International Co. (NASDAQ:DTI - Get Free Report) was the target of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 317,000 shares, a growth of 29.1% from the October 15th total of 245,600 shares. Currently, 3.2% of the shares of the company are sold short. Based on an average daily trading volume, of 43,900 shares, the days-to-cover ratio is currently 7.2 days.

Hedge Funds Weigh In On Drilling Tools International

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DTI. Shaolin Capital Management LLC lifted its stake in Drilling Tools International by 14.0% during the first quarter. Shaolin Capital Management LLC now owns 83,217 shares of the company's stock worth $250,000 after purchasing an additional 10,204 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Drilling Tools International by 28.1% during the 3rd 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 during the last quarter. Bank of New York Mellon Corp bought a new position in Drilling Tools International during the 2nd quarter valued at approximately $99,000. Barclays PLC raised its position in Drilling Tools International by 414.6% during 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 last quarter. Finally, Woodstock Corp bought a new position in Drilling Tools International during the 3rd quarter valued at approximately $57,000. 2.79% of the stock is currently owned by hedge funds and other institutional investors.

Drilling Tools International Price Performance

Drilling Tools International stock traded up $0.01 during midday trading on Friday, hitting $3.49. 80,688 shares of the company's stock were exchanged, compared to its average volume of 49,823. Drilling Tools International has a 52-week low of $2.43 and a 52-week high of $6.36. The stock has a 50-day moving average price of $3.60 and a two-hundred day moving average price of $4.65. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.50 and a current ratio of 1.97. The company has a market cap of $120.95 million, a P/E ratio of 12.43, a PEG ratio of 1.05 and a beta of -0.96.

Analysts Set New Price Targets

Separately, Alliance Global Partners reduced their price target on Drilling Tools International from $7.50 to $5.50 and set a "buy" rating for the company in a research report on Friday.

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.