Kornit Digital Ltd. (NASDAQ:KRNT) Sees Large Decrease in Short Interest

Kornit Digital Ltd. (NASDAQ:KRNT) was the target of a significant decline in short interest during the month of October. As of October 15th, there was short interest totalling 828,400 shares, a decline of 5.3% from the September 30th total of 874,700 shares. Based on an average daily volume of 362,300 shares, the days-to-cover ratio is presently 2.3 days.

Institutional Trading of Kornit Digital

A number of hedge funds and other institutional investors have recently bought and sold shares of KRNT. Oppenheimer Asset Management Inc. boosted its holdings in Kornit Digital by 13.6% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 39,515 shares of the industrial products company’s stock valued at $716,000 after purchasing an additional 4,725 shares during the period. Headlands Technologies LLC boosted its stake in Kornit Digital by 97.9% during the first quarter. Headlands Technologies LLC now owns 2,076 shares of the industrial products company’s stock valued at $38,000 after buying an additional 1,027 shares during the period. William Blair Investment Management LLC grew its position in Kornit Digital by 4.0% during the first quarter. William Blair Investment Management LLC now owns 931,706 shares of the industrial products company’s stock worth $16,883,000 after buying an additional 35,930 shares in the last quarter. Roubaix Capital LLC increased its stake in Kornit Digital by 104.9% in the 1st quarter. Roubaix Capital LLC now owns 141,875 shares of the industrial products company’s stock worth $2,571,000 after acquiring an additional 72,638 shares during the last quarter. Finally, Kennedy Capital Management LLC raised its holdings in shares of Kornit Digital by 26.6% in the 1st quarter. Kennedy Capital Management LLC now owns 95,581 shares of the industrial products company’s stock valued at $1,732,000 after acquiring an additional 20,067 shares in the last quarter. Institutional investors own 92.76% of the company’s stock.

Kornit Digital Stock Performance

KRNT stock opened at $22.89 on Friday. The stock has a fifty day moving average of $22.88 and a 200-day moving average of $18.07. Kornit Digital has a fifty-two week low of $13.51 and a fifty-two week high of $26.64. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of -18.76 and a beta of 1.92.

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

Analysts Set New Price Targets

Several equities research analysts have commented on KRNT shares. Morgan Stanley increased their price objective on shares of Kornit Digital from $20.00 to $26.00 and gave the company an “overweight” rating in a research note on Friday, September 13th. Needham & Company LLC reiterated a “buy” rating and set a $27.00 price target on shares of Kornit Digital in a report on Thursday, September 12th. Craig Hallum upped their price objective on Kornit Digital from $23.00 to $27.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. StockNews.com upgraded Kornit Digital from a “sell” rating to a “hold” rating in a research note on Thursday, August 8th. Finally, Barclays increased their price target on shares of Kornit Digital from $21.00 to $26.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 1st. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $26.50.

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.