KORE Group Holdings, Inc. (NYSE:KORE) Sees Significant Decline in Short Interest

KORE Group Holdings, Inc. (NYSE:KORE) was the target of a significant decline in short interest in the month of May. As of May 15th, there was short interest totaling 127,932 shares, a decline of 50.5% from the April 30th total of 258,328 shares. Based on an average daily trading volume, of 20,794 shares, the short-interest ratio is presently 6.2 days. Approximately 1.1% of the company’s shares are short sold.

Institutional Trading of KORE Group

Several institutional investors and hedge funds have recently modified their holdings of KORE. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in KORE Group in the first quarter worth approximately $902,000. Renaissance Technologies LLC raised its stake in KORE Group by 151.0% in the first quarter. Renaissance Technologies LLC now owns 88,941 shares of the company’s stock worth $802,000 after buying an additional 53,500 shares in the last quarter. State Street Corp raised its stake in KORE Group by 23.2% in the fourth quarter. State Street Corp now owns 29,217 shares of the company’s stock worth $123,000 after buying an additional 5,500 shares in the last quarter. One68 Global Capital LLC bought a new position in KORE Group in the fourth quarter worth approximately $59,000. Finally, Citadel Advisors LLC bought a new position in KORE Group in the third quarter worth approximately $30,000. Institutional investors own 57.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of KORE Group in a research report on Friday, March 27th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $5.00.

KORE Group Stock Performance

Shares of KORE Group stock traded down $0.01 on Monday, hitting $9.18. 24,719 shares of the company traded hands, compared to its average volume of 21,618. The stock’s 50 day moving average price is $9.12 and its 200-day moving average price is $6.62. KORE Group has a 52 week low of $2.00 and a 52 week high of $9.22.

KORE Group (NYSE:KORE) last posted its quarterly earnings results on Monday, May 11th. The company reported ($1.43) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($1.01). The firm had revenue of $65.82 million for the quarter, compared to analysts’ expectations of $72.20 million. As a group, equities analysts forecast that KORE Group will post -1.36 earnings per share for the current year.

KORE Group Company Profile

KORE Group (NYSE: KORE) is a global provider of Internet of Things (IoT) connectivity and managed services, helping enterprises deploy, secure and scale their IoT applications. The company offers a comprehensive suite of solutions that includes cellular, satellite and Low-Power Wide-Area Network (LPWAN) connectivity, multi-network SIM management, eSIM provisioning and cloud-based IoT platforms. Through its unified approach, KORE enables businesses to streamline the complexities of device onboarding, monitoring and lifecycle management across diverse geographies.

Founded in 2002 and headquartered in Atlanta, Georgia, KORE has grown through a combination of organic innovation and strategic acquisitions to become one of the world’s largest independent IoT service providers.