Short Interest in Kornit Digital Ltd. (NASDAQ:KRNT) Rises By 26.1%

Kornit Digital Ltd. (NASDAQ:KRNT) was the recipient of a large increase in short interest in the month of March. As of March 13th, there was short interest totaling 1,102,192 shares, an increase of 26.1% from the February 26th total of 874,090 shares. Based on an average trading volume of 273,781 shares, the days-to-cover ratio is currently 4.0 days. Approximately 2.5% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on KRNT shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Kornit Digital in a report on Wednesday, March 25th. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price target on shares of Kornit Digital in a research report on Wednesday, February 11th. Wall Street Zen raised Kornit Digital from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. Finally, Morgan Stanley restated a “positive” rating and set a $17.00 price objective on shares of Kornit Digital in a research report on Wednesday, February 11th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $20.25.

Kornit Digital Stock Performance

Shares of KRNT stock traded up $0.19 during mid-day trading on Wednesday, hitting $14.85. The company’s stock had a trading volume of 13,428 shares, compared to its average volume of 370,181. The company has a market cap of $665.22 million, a PE ratio of -48.13 and a beta of 1.79. The company’s fifty day simple moving average is $14.66 and its 200-day simple moving average is $14.17. Kornit Digital has a 52 week low of $11.93 and a 52 week high of $23.48.

Kornit Digital (NASDAQ:KRNT) last announced its earnings results on Wednesday, February 11th. The industrial products company reported $0.18 EPS for the quarter, beating 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%.The firm’s revenue for the quarter was down 3.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.18 EPS. On average, equities analysts anticipate that Kornit Digital will post -0.2 earnings per share for the current year.

Institutional Trading of Kornit Digital

Several large investors have recently modified their holdings of the stock. CIBC Private Wealth Group LLC increased its stake in Kornit Digital by 1,359.8% in the third quarter. CIBC Private Wealth Group LLC now owns 1,927 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 1,795 shares in the last quarter. Johnson Financial Group Inc. acquired a new position in Kornit Digital during the 3rd quarter worth approximately $27,000. Raymond James Financial Inc. acquired a new stake in Kornit Digital in the second quarter valued at approximately $31,000. State of Tennessee Department of Treasury bought a new stake in shares of Kornit Digital during the second quarter valued at approximately $35,000. Finally, Fortitude Family Office LLC raised its position in shares of Kornit Digital by 64.2% during the third quarter. Fortitude Family Office LLC now owns 8,164 shares of the industrial products company’s stock worth $110,000 after purchasing an additional 3,191 shares during the period. Institutional investors and hedge funds own 92.76% of the company’s stock.

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.