Short Interest in Kornit Digital Ltd. (NASDAQ:KRNT) Grows By 9.5%

Kornit Digital Ltd. (NASDAQ:KRNT) was the target of a significant growth in short interest in September. As of September 30th, there was short interest totalling 874,700 shares, a growth of 9.5% from the September 15th total of 799,000 shares. Based on an average daily volume of 352,400 shares, the days-to-cover ratio is currently 2.5 days.

Kornit Digital Stock Up 2.2 %

NASDAQ KRNT opened at $24.54 on Wednesday. The company has a 50-day simple moving average of $21.50 and a two-hundred day simple moving average of $17.51. Kornit Digital has a 12-month low of $13.29 and a 12-month high of $26.64. The firm has a market cap of $1.17 billion, a price-to-earnings ratio of -20.11 and a beta of 1.92.

Kornit Digital (NASDAQ:KRNT) last issued its earnings results on Wednesday, August 7th. The industrial products company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.03. The company had revenue of $48.62 million during the quarter, compared to analysts’ expectations of $50.24 million. Kornit Digital had a negative return on equity of 3.22% and a negative net margin of 23.63%. Kornit Digital’s quarterly revenue was down 13.5% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.28) EPS. Equities analysts expect that Kornit Digital will post -0.28 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

KRNT has been the subject of a number of research reports. Morgan Stanley boosted their price target on shares of Kornit Digital from $20.00 to $26.00 and gave the stock an “overweight” rating in a research note on Friday, September 13th. StockNews.com raised Kornit Digital from a “sell” rating to a “hold” rating in a research note on Thursday, August 8th. Barclays lifted their price target on Kornit Digital from $21.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 1st. Craig Hallum increased their price objective on Kornit Digital from $23.00 to $27.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Finally, Needham & Company LLC restated a “buy” rating and issued a $27.00 target price on shares of Kornit Digital in a research report on Thursday, September 12th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $26.50.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in KRNT. LHM Inc. bought a new stake in Kornit Digital in the 2nd quarter worth $12,042,000. Chicago Capital LLC increased its holdings in Kornit Digital by 14.9% during the 2nd quarter. Chicago Capital LLC now owns 2,857,604 shares of the industrial products company’s stock valued at $41,835,000 after purchasing an additional 370,962 shares during the period. Artemis Investment Management LLP bought a new position in Kornit Digital during the 3rd quarter valued at approximately $6,962,000. Wasatch Advisors LP lifted its holdings in Kornit Digital by 6.7% in the 1st quarter. Wasatch Advisors LP now owns 1,810,302 shares of the industrial products company’s stock worth $32,803,000 after buying an additional 114,372 shares during the period. Finally, Disciplined Growth Investors Inc. MN grew its position in shares of Kornit Digital by 5.7% in the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 2,060,575 shares of the industrial products company’s stock worth $30,167,000 after buying an additional 111,971 shares during the last quarter. 92.76% of the stock is owned by hedge funds and other institutional investors.

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.