Short Interest in Kornit Digital Ltd. (NASDAQ:KRNT) Decreases By 14.2%

Kornit Digital Ltd. (NASDAQ:KRNT) was the recipient of a significant decline in short interest during the month of December. As of December 15th, there was short interest totalling 892,000 shares, a decline of 14.2% from the November 30th total of 1,040,000 shares. Based on an average daily volume of 364,400 shares, the days-to-cover ratio is currently 2.4 days.

Kornit Digital Trading Down 1.1 %

NASDAQ KRNT traded down $0.33 during trading hours on Tuesday, hitting $31.08. 45,238 shares of the company’s stock traded hands, compared to its average volume of 356,906. Kornit Digital has a 52 week low of $13.59 and a 52 week high of $34.28. The firm has a market capitalization of $1.48 billion, a P/E ratio of -35.32 and a beta of 2.01. The business’s fifty day moving average price is $29.92 and its two-hundred day moving average price is $22.81.

Kornit Digital (NASDAQ:KRNT) last issued its quarterly earnings results on Wednesday, November 6th. The industrial products company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.04. The business had revenue of $50.73 million for the quarter, compared to analysts’ expectations of $50.44 million. Kornit Digital had a negative net margin of 21.00% and a negative return on equity of 2.17%. The company’s revenue was down 14.3% compared to the same quarter last year. During the same quarter last year, the company posted ($0.17) EPS. On average, sell-side analysts expect that Kornit Digital will post -0.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in KRNT. Bank of New York Mellon Corp increased its holdings in Kornit Digital by 8.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 16,029 shares of the industrial products company’s stock worth $235,000 after acquiring an additional 1,184 shares in the last quarter. Signaturefd LLC raised its stake in Kornit Digital by 29.4% during the 2nd quarter. Signaturefd LLC now owns 3,428 shares of the industrial products company’s stock valued at $50,000 after purchasing an additional 779 shares during the period. nVerses Capital LLC purchased a new stake in Kornit Digital during the 2nd quarter valued at approximately $40,000. Privium Fund Management B.V. bought a new stake in shares of Kornit Digital during the second quarter valued at approximately $159,000. Finally, Chicago Capital LLC lifted its holdings in shares of Kornit Digital by 14.9% in the second quarter. Chicago Capital LLC now owns 2,857,604 shares of the industrial products company’s stock worth $41,835,000 after buying an additional 370,962 shares in the last quarter. Institutional investors own 92.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on KRNT shares. Needham & Company LLC increased their price objective on Kornit Digital from $27.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Morgan Stanley raised their price target on shares of Kornit Digital from $33.00 to $38.00 and gave the company an “overweight” rating in a report on Monday, December 16th. Craig Hallum boosted their price objective 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. Barclays raised their target price on shares of Kornit Digital from $21.00 to $26.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 1st. Finally, Cantor Fitzgerald initiated coverage on shares of Kornit Digital in a research note on Tuesday, November 26th. They set an “overweight” rating and a $39.00 target price for the company. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.40.

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.