Kornit Digital Ltd. (KRNT) Sees Large Increase in Short Interest
Kornit Digital Ltd. (NASDAQ:KRNT) saw a significant increase in short interest during the month of September. As of September 15th, there was short interest totalling 712,219 shares, an increase of 31.8% from the August 31st total of 540,228 shares. Based on an average daily volume of 79,159 shares, the short-interest ratio is presently 9.0 days. Currently, 6.8% of the company’s shares are sold short.
Several research firms have recently weighed in on KRNT. Stifel Nicolaus reduced their price target on Kornit Digital from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, August 3rd. Canaccord Genuity restated a “buy” rating and set a $20.00 price target on shares of Kornit Digital in a report on Friday, June 10th. TheStreet upgraded Kornit Digital from a “sell” rating to a “hold” rating in a report on Monday, August 8th. Zacks Investment Research cut Kornit Digital from a “hold” rating to a “strong sell” rating in a report on Thursday, August 4th. Finally, Needham & Company LLC restated a “buy” rating and set a $18.00 price target on shares of Kornit Digital in a report on Tuesday, July 5th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $16.00.
A number of hedge funds have recently modified their holdings of KRNT. Geode Capital Management LLC boosted its stake in shares of Kornit Digital by 13.5% in the first quarter. Geode Capital Management LLC now owns 13,919 shares of the company’s stock worth $138,000 after buying an additional 1,651 shares during the period. Swiss National Bank boosted its stake in Kornit Digital by 72.3% in the second quarter. Swiss National Bank now owns 14,300 shares of the company’s stock valued at $140,000 after buying an additional 6,000 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in Kornit Digital by 69.1% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 18,826 shares of the company’s stock valued at $187,000 after buying an additional 7,692 shares during the last quarter. Kornitzer Capital Management Inc. KS acquired a new stake in Kornit Digital during the second quarter valued at $344,000. Finally, Ameriprise Financial Inc. acquired a new stake in Kornit Digital during the second quarter valued at $801,000. 27.45% of the stock is currently owned by institutional investors and hedge funds.
Shares of Kornit Digital (NASDAQ:KRNT) opened at 9.36 on Friday. Kornit Digital has a one year low of $8.10 and a one year high of $13.50. The company has a market capitalization of $285.24 million, a PE ratio of 73.12 and a beta of -0.14. The company has a 50-day moving average price of $10.16 and a 200 day moving average price of $9.99.
Kornit Digital (NASDAQ:KRNT) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by $0.02. The company had revenue of $24 million for the quarter, compared to analysts’ expectations of $24.53 million. Kornit Digital had a return on equity of 4.54% and a net margin of 4.12%. The business’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same period last year, the company posted $0.07 EPS. Equities analysts anticipate that Kornit Digital will post $0.27 EPS for the current year.
About Kornit Digital
Kornit Digital Ltd. develops, designs and markets digital printing solutions for the global printed textile industry. The Company’s solutions include its digital printing systems, ink and other consumables, associated software and value added services. Its customers include custom decorators, online businesses, brand owners and contract printers.
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