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

Kornit Digital Ltd. (NASDAQ:KRNT) was the target of a large drop in short interest in December. As of December 15th, there was short interest totalling 892,000 shares, a drop 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 Price Performance

KRNT stock opened at $31.73 on Friday. Kornit Digital has a 12 month low of $13.59 and a 12 month high of $34.28. The company has a market cap of $1.51 billion, a price-to-earnings ratio of -36.06 and a beta of 2.01. The company has a fifty day moving average price of $29.77 and a 200 day moving average price of $22.65.

Kornit Digital (NASDAQ:KRNT) last announced its 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 during the quarter, compared to the consensus estimate of $50.44 million. Kornit Digital had a negative net margin of 21.00% and a negative return on equity of 2.17%. The business’s quarterly revenue was down 14.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.17) earnings per share. As a group, analysts anticipate that Kornit Digital will post -0.22 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Tectonic Advisors LLC purchased a new position in shares of Kornit Digital during the 3rd quarter worth approximately $705,000. Loomis Sayles & Co. L P purchased a new position in Kornit Digital in the third quarter worth $8,887,000. Principal Financial Group Inc. acquired a new stake in Kornit Digital in the third quarter valued at $934,000. Telemark Asset Management LLC purchased a new stake in shares of Kornit Digital during the 3rd quarter worth $1,033,000. Finally, Disciplined Growth Investors Inc. MN grew its stake in shares of Kornit Digital by 5.7% during 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 purchasing an additional 111,971 shares during the period. 92.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on KRNT. Cantor Fitzgerald started coverage on Kornit Digital in a report on Tuesday, November 26th. They issued an “overweight” rating and a $39.00 target price on the stock. Craig Hallum raised their target price on Kornit Digital from $27.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Barclays boosted their target price 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. Needham & Company LLC raised their price objective on shares of Kornit Digital from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Morgan Stanley upped their target price 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. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Kornit Digital has a consensus rating of “Moderate Buy” and an average target price 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.