Kornit Digital Ltd. (NASDAQ:KRNT) Sees Large Growth in Short Interest

Kornit Digital Ltd. (NASDAQ:KRNT) was the target of 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 volume of 387,800 shares, the short-interest ratio is currently 3.8 days.

Institutional Investors Weigh In On Kornit Digital

Institutional investors and hedge funds have recently modified their holdings of the stock. nVerses Capital LLC purchased a new stake in shares of Kornit Digital during the 2nd quarter valued at about $40,000. Signaturefd LLC grew its position in Kornit Digital by 29.4% in the second quarter. Signaturefd LLC now owns 3,428 shares of the industrial products company’s stock valued at $50,000 after acquiring an additional 779 shares in the last quarter. Privium Fund Management B.V. purchased a new stake in shares of Kornit Digital during the second quarter valued at approximately $159,000. Bank of New York Mellon Corp raised its stake in shares of Kornit Digital by 8.0% during the second quarter. Bank of New York Mellon Corp now owns 16,029 shares of the industrial products company’s stock valued at $235,000 after purchasing an additional 1,184 shares during the period. Finally, B. Riley Wealth Advisors Inc. lifted its position in shares of Kornit Digital by 26.2% during the second quarter. B. Riley Wealth Advisors Inc. now owns 17,486 shares of the industrial products company’s stock worth $256,000 after purchasing an additional 3,633 shares in the last quarter. Hedge funds and other institutional investors own 92.76% of the company’s stock.

Kornit Digital Price Performance

NASDAQ KRNT traded up $0.44 during mid-day trading on Friday, hitting $31.80. The company’s stock had a trading volume of 75,936 shares, compared to its average volume of 366,955. The firm has a market capitalization of $1.51 billion, a P/E ratio of -36.14 and a beta of 1.93. Kornit Digital has a 52-week low of $13.59 and a 52-week high of $33.00. The stock’s fifty day simple moving average is $26.96 and its two-hundred day simple moving average is $20.24.

Kornit Digital (NASDAQ:KRNT) last issued its earnings results on Wednesday, November 6th. The industrial products company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.04. Kornit Digital had a negative net margin of 21.00% and a negative return on equity of 2.17%. The business had revenue of $50.73 million for the quarter, compared to the consensus estimate of $50.44 million. During the same quarter last year, the firm posted ($0.17) EPS. The business’s revenue for the quarter was down 14.3% compared to the same quarter last year. On average, equities analysts forecast that Kornit Digital will post -0.2 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have commented on KRNT. Barclays lifted their price target on Kornit Digital from $21.00 to $26.00 and gave the company an “equal weight” rating in a report on Tuesday, October 1st. Morgan Stanley boosted their target price on shares of Kornit Digital from $20.00 to $26.00 and gave the company an “overweight” rating in a report on Friday, September 13th. StockNews.com raised shares of Kornit Digital from a “sell” rating to a “hold” rating in a research note on Thursday, August 8th. Craig Hallum lifted their price target on shares of Kornit Digital from $27.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Needham & Company LLC upped their price objective on Kornit Digital from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Kornit Digital currently has a consensus rating of “Moderate Buy” and an average target price of $31.00.

Kornit Digital Company Profile

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.