Short Interest in Kornit Digital Ltd. (NASDAQ:KRNT) Increases By 96.6%

by · The Cerbat Gem

Kornit Digital Ltd. (NASDAQ:KRNT – Get Free Report) saw a significant increase in short interest in the month of November. As of November 15th, there was short interest totalling 1,470,000 shares, an increase of 96.6% from the October 31st total of 747,900 shares. Based on an average daily trading volume, of 387,800 shares, the days-to-cover ratio is currently 3.8 days.

Analysts Set New Price Targets

KRNT has been the topic of several research reports. StockNews.com raised shares of Kornit Digital from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th. Barclays raised their price target on shares of Kornit Digital from $21.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 1st. Cantor Fitzgerald started coverage on Kornit Digital in a research note on Tuesday. They issued an “overweight” rating and a $39.00 price objective on the stock. Morgan Stanley increased their price objective on Kornit Digital from $20.00 to $26.00 and gave the company an “overweight” rating in a report on Friday, September 13th. Finally, Needham & Company LLC boosted their target price on Kornit Digital from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Kornit Digital has a consensus rating of “Moderate Buy” and an average target price of $31.00.

Get Our Latest Report on Kornit Digital

Institutional Investors Weigh In On Kornit Digital

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Tidal Investments LLC bought a new stake in Kornit Digital during the 1st quarter worth approximately $664,000. Harbor Capital Advisors Inc. increased its holdings in shares of Kornit Digital by 217.0% in the second quarter. Harbor Capital Advisors Inc. now owns 80,466 shares of the industrial products company’s stock worth $1,178,000 after purchasing an additional 55,086 shares during the period. Tectonic Advisors LLC purchased a new stake in shares of Kornit Digital in the third quarter worth $705,000. Disciplined Growth Investors Inc. MN boosted its stake in Kornit Digital by 5.7% during the second quarter. Disciplined Growth Investors Inc. MN now owns 2,060,575 shares of the industrial products company’s stock valued at $30,167,000 after buying an additional 111,971 shares during the period. Finally, Telemark Asset Management LLC bought a new stake in Kornit Digital during the third quarter valued at $1,033,000. 92.76% of the stock is currently owned by institutional investors.

Kornit Digital Stock Down 2.2 %

KRNT traded down $0.70 on Thursday, hitting $31.36. The company’s stock had a trading volume of 306,378 shares, compared to its average volume of 368,220. The company’s 50 day simple moving average is $26.80 and its 200-day simple moving average is $20.10. Kornit Digital has a 12 month low of $13.59 and a 12 month high of $33.00. The firm has a market cap of $1.49 billion, a P/E ratio of -35.64 and a beta of 1.93.

Kornit Digital (NASDAQ:KRNT – Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The industrial products company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.04. The company had revenue of $50.73 million during the quarter, compared to analysts’ expectations of $50.44 million. Kornit Digital had a negative return on equity of 2.17% and a negative net margin of 21.00%. The firm’s quarterly revenue was down 14.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.17) earnings per share. Equities analysts predict that Kornit Digital will post -0.2 earnings per share for the current fiscal year.

About Kornit Digital

(Get Free Report)

Kornit Digital Ltd. develops, designs, and markets digital printing solutions for the fashion, apparel, and home decor segments of printed textile industry in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally. Its solutions include digital printing systems, ink and other consumables, associated software, and value-added services.

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