Short Interest in KORE Group Holdings, Inc. (NYSE:KORE) Increases By 159.5%

KORE Group Holdings, Inc. (NYSE:KORE) saw a large growth in short interest in the month of June. As of June 30th, there was short interest totaling 324,431 shares, a growth of 159.5% from the June 15th total of 125,010 shares. Approximately 2.8% of the company’s stock are short sold. Based on an average daily volume of 141,806 shares, the short-interest ratio is currently 2.3 days.

Hedge Funds Weigh In On KORE Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in KORE. Renaissance Technologies LLC lifted 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 valued at $802,000 after acquiring an additional 53,500 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in KORE Group in the first quarter worth approximately $902,000. One68 Global Capital LLC acquired a new position in shares of KORE Group during the 4th quarter worth $59,000. State Street Corp increased its stake in shares of KORE Group by 23.2% during the 4th quarter. State Street Corp now owns 29,217 shares of the company’s stock worth $123,000 after purchasing an additional 5,500 shares during the last quarter. Finally, Citadel Advisors LLC acquired a new position in shares of KORE Group during the 3rd quarter worth $30,000. Institutional investors own 57.45% of the company’s stock.

KORE Group Trading Down 0.1%

KORE opened at $9.26 on Thursday. The stock has a fifty day moving average price of $9.20 and a 200 day moving average price of $7.78. KORE Group has a 1 year low of $2.00 and a 1 year high of $9.79. The stock has a market cap of $162.78 million, a price-to-earnings ratio of -2.40 and a beta of 1.46.

KORE Group (NYSE:KORE) last issued its 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 business had revenue of $65.82 million during the quarter, compared to the consensus estimate of $72.20 million. As a group, sell-side analysts forecast that KORE Group will post -1.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of KORE Group in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, KORE Group presently has a consensus rating of “Reduce” and a consensus target price of $5.00.

About KORE Group

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.