Short Interest in Kornit Digital Ltd. (NASDAQ:KRNT) Decreases By 11.8%

Kornit Digital Ltd. (NASDAQ:KRNT) was the recipient of a significant drop in short interest in June. As of June 30th, there was short interest totalling 714,100 shares, a drop of 11.8% from the June 15th total of 809,600 shares. Based on an average daily volume of 239,700 shares, the short-interest ratio is presently 3.0 days.

Analyst Upgrades and Downgrades

KRNT has been the subject of a number of research reports. StockNews.com raised Kornit Digital from a “sell” rating to a “hold” rating in a research note on Thursday, July 11th. Needham & Company LLC reiterated a “buy” rating and set a $27.00 target price on shares of Kornit Digital in a research report on Thursday, May 9th.

Kornit Digital Trading Down 2.7 %

Shares of NASDAQ:KRNT traded down $0.43 during trading on Wednesday, reaching $15.78. The company’s stock had a trading volume of 33,766 shares, compared to its average volume of 382,969. The stock has a market capitalization of $753.34 million, a PE ratio of -13.29 and a beta of 1.90. Kornit Digital has a 12 month low of $13.29 and a 12 month high of $31.94. The firm’s 50 day simple moving average is $14.90 and its two-hundred day simple moving average is $16.36.

Kornit Digital (NASDAQ:KRNT) last posted its quarterly earnings data on Wednesday, May 8th. The industrial products company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.02). The company had revenue of $43.78 million during the quarter, compared to the consensus estimate of $45.85 million. Kornit Digital had a negative net margin of 27.17% and a negative return on equity of 4.31%. Research analysts anticipate that Kornit Digital will post -0.28 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of KRNT. Lisanti Capital Growth LLC purchased a new stake in shares of Kornit Digital in the fourth quarter valued at $982,000. Wasatch Advisors LP lifted its stake in Kornit Digital by 6.7% in the first quarter. Wasatch Advisors LP now owns 1,810,302 shares of the industrial products company’s stock worth $32,803,000 after purchasing an additional 114,372 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its position in shares of Kornit Digital by 103.5% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 953,682 shares of the industrial products company’s stock valued at $18,273,000 after buying an additional 485,000 shares during the period. Roubaix Capital LLC bought a new position in shares of Kornit Digital during the fourth quarter valued at approximately $1,327,000. Finally, Inflection Point Investments LLP purchased a new stake in shares of Kornit Digital in the fourth quarter worth approximately $17,014,000. 92.76% of the stock is owned by hedge funds and other institutional investors.

About Kornit Digital

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.