KORE Group Holdings, Inc. (NYSE:KORE) Sees Large Increase in Short Interest

KORE Group Holdings, Inc. (NYSE:KORE) was the recipient of a significant growth in short interest in June. As of June 30th, there was short interest totaling 324,431 shares, a growth of 159.5% from the June 15th total of 125,010 shares. Based on an average trading volume of 141,806 shares, the days-to-cover ratio is currently 2.3 days. Approximately 2.8% of the company’s stock are short sold.

KORE Group Stock Up 0.1%

NYSE:KORE opened at $9.26 on Tuesday. The stock has a market cap of $162.80 million, a price-to-earnings ratio of -2.40 and a beta of 1.46. The company’s 50 day moving average price is $9.20 and its 200-day moving average price is $7.71. KORE Group has a 52 week low of $2.00 and a 52 week high of $9.79.

KORE Group (NYSE:KORE) last announced its quarterly earnings data on Monday, May 11th. The company reported ($1.43) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($1.01). The company had revenue of $65.82 million for the quarter, compared to the consensus estimate of $72.20 million. As a group, sell-side analysts anticipate that KORE Group will post -1.36 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Citadel Advisors LLC bought a new position in shares of KORE Group during the third quarter valued at $30,000. One68 Global Capital LLC bought a new stake in KORE Group in the 4th quarter worth about $59,000. State Street Corp raised its position in KORE Group by 23.2% in the 4th quarter. State Street Corp now owns 29,217 shares of the company’s stock worth $123,000 after buying an additional 5,500 shares during the last quarter. Renaissance Technologies LLC raised its position in KORE Group by 14.5% in the 4th quarter. Renaissance Technologies LLC now owns 35,441 shares of the company’s stock worth $150,000 after buying an additional 4,500 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in KORE Group during the 1st quarter valued at about $902,000. 57.45% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of KORE Group in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $5.00.

KORE Group Company Profile

KORE Group (NYSE: KORE) is a global provider of Internet of Things (IoT) connectivity and managed services, helping enterprises deploy, secure and scale their IoT applications. The company offers a comprehensive suite of solutions that includes cellular, satellite and Low-Power Wide-Area Network (LPWAN) connectivity, multi-network SIM management, eSIM provisioning and cloud-based IoT platforms. Through its unified approach, KORE enables businesses to streamline the complexities of device onboarding, monitoring and lifecycle management across diverse geographies.

Founded in 2002 and headquartered in Atlanta, Georgia, KORE has grown through a combination of organic innovation and strategic acquisitions to become one of the world’s largest independent IoT service providers.