Kornit Digital Ltd. (NASDAQ:KRNT) Short Interest Update

Kornit Digital Ltd. (NASDAQ:KRNT) was the recipient of a large decrease in short interest in the month of March. As of March 31st, there was short interest totaling 809,952 shares, a decrease of 26.5% from the March 15th total of 1,102,192 shares. Based on an average daily volume of 534,456 shares, the days-to-cover ratio is presently 1.5 days. Currently, 1.8% of the shares of the company are sold short.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Wall Street Zen raised Kornit Digital from a “sell” rating to a “hold” rating in a research report on Sunday. Weiss Ratings restated a “sell (d-)” rating on shares of Kornit Digital in a research note on Wednesday, March 25th. Morgan Stanley reaffirmed a “positive” rating and set a $17.00 target price on shares of Kornit Digital in a research report on Wednesday, February 11th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $20.00 target price on shares of Kornit Digital in a research note on Wednesday, February 11th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $20.25.

Hedge Funds Weigh In On Kornit Digital

A number of hedge funds have recently made changes to their positions in KRNT. Medina Value Partners LLC acquired a new stake in shares of Kornit Digital during the 3rd quarter valued at about $12,732,000. Invenomic Capital Management LP lifted its stake in Kornit Digital by 196.9% during the fourth quarter. Invenomic Capital Management LP now owns 1,397,950 shares of the industrial products company’s stock worth $20,103,000 after purchasing an additional 927,169 shares during the period. Morgan Stanley lifted its stake in Kornit Digital by 26.5% during the fourth quarter. Morgan Stanley now owns 3,998,548 shares of the industrial products company’s stock worth $57,499,000 after purchasing an additional 838,814 shares during the period. Artisan Partners Limited Partnership boosted its holdings in Kornit Digital by 32.6% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,647,804 shares of the industrial products company’s stock valued at $38,075,000 after purchasing an additional 650,283 shares in the last quarter. Finally, Dudley & Shanley Inc. boosted its holdings in Kornit Digital by 97.5% during the third quarter. Dudley & Shanley Inc. now owns 1,258,895 shares of the industrial products company’s stock valued at $16,995,000 after purchasing an additional 621,595 shares in the last quarter. Institutional investors and hedge funds own 92.76% of the company’s stock.

Kornit Digital Stock Down 0.9%

Kornit Digital stock traded down $0.15 during trading hours on Thursday, hitting $15.97. The stock had a trading volume of 305,344 shares, compared to its average volume of 429,094. The company has a 50-day moving average of $15.17 and a two-hundred day moving average of $14.27. Kornit Digital has a fifty-two week low of $11.93 and a fifty-two week high of $23.48. The company has a market cap of $715.30 million, a PE ratio of -51.51 and a beta of 1.79.

Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings data on Wednesday, February 11th. The industrial products company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.04. The company had revenue of $58.86 million for the quarter, compared to analyst estimates of $58.16 million. Kornit Digital had a negative return on equity of 1.07% and a negative net margin of 6.49%.Kornit Digital’s revenue for the quarter was down 3.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.18 EPS. As a group, analysts forecast that Kornit Digital will post -0.2 EPS for the current fiscal year.

Kornit Digital Company Profile

Kornit Digital Ltd. (NASDAQ: KRNT) is a global technology company specializing in digital textile printing solutions. Headquartered in Rosh Ha’Ayin, Israel, Kornit develops and manufactures an integrated ecosystem of industrial inkjet printers, proprietary NeoPigment inks and pretreatment systems. Its product portfolio addresses a range of applications including direct-to-garment, direct-to-fabric, digital embellishment and hybrid manufacturing, enabling businesses to produce custom apparel, sportswear, fashion and home textiles on demand.

The company’s flagship offerings include the Avalanche and Atlas series for high-volume production, as well as the Storm and Helix lines designed for mid-to-large scale operations.