Kardigan, Inc. (NASDAQ:KARD) Sees Large Growth in Short Interest

Kardigan, Inc. (NASDAQ:KARD) was the target of a large growth in short interest in September. As of September 30th, there was short interest totaling 4,445,126 shares, a growth of 73.0% from the September 15th total of 2,568,799 shares. Currently, 4.8% of the company’s stock are sold short. Based on an average trading volume of 1,179,559 shares, the days-to-cover ratio is currently 3.8 days.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on KARD shares. Wall Street Zen cut shares of Kardigan from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Leerink Partners began coverage on Kardigan in a research report on Monday, July 13th. They issued an “outperform” rating and a $37.00 price objective on the stock. UBS Group began coverage on Kardigan in a research note on Monday, October 12th. They set a “buy” rating and a $25.00 price objective on the stock. Zacks Research upgraded Kardigan to a “hold” rating in a research note on Wednesday, July 15th. Finally, Jefferies Financial Group began coverage on Kardigan in a research report on Monday, July 13th. They issued a “buy” rating and a $40.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $38.80.

Institutional Trading of Kardigan

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Jupiter Topco LLC purchased a new position in Kardigan in the second quarter valued at about $17,715,000. Montanova Capital LLC acquired a new stake in Kardigan during the 2nd quarter valued at approximately $9,540,000. Bank of New York Mellon Corp purchased a new stake in Kardigan during the 2nd quarter worth approximately $9,010,000. Braidwell LP purchased a new stake in Kardigan during the 2nd quarter worth approximately $7,155,000. Finally, Citadel Advisors LLC acquired a new position in shares of Kardigan in the 2nd quarter valued at approximately $2,862,000.

Kardigan Trading Down 6.1%

KARD traded down $0.85 during trading hours on Friday, reaching $13.03. 717,612 shares of the stock traded hands, compared to its average volume of 958,798. The business’s fifty day moving average price is $17.90. The firm has a market cap of $1.22 billion and a P/E ratio of -4.52. Kardigan has a fifty-two week low of $12.23 and a fifty-two week high of $27.00.

Kardigan (NASDAQ:KARD) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($4.61) EPS for the quarter. Analysts predict that Kardigan will post -3.41 EPS for the current year.

About Kardigan