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

Kornit Digital Ltd. (NASDAQ:KRNT) was the recipient of a significant growth in short interest during the month of November. As of November 15th, there was short interest totalling 1,470,000 shares, a growth of 96.6% from the October 31st total of 747,900 shares. Based on an average trading volume of 387,800 shares, the short-interest ratio is currently 3.8 days.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Cantor Fitzgerald began coverage on Kornit Digital in a research note on Tuesday. They set an “overweight” rating and a $39.00 price objective for the company. StockNews.com raised shares of Kornit Digital from a “sell” rating to a “hold” rating in a report on Thursday, August 8th. Barclays boosted their target price on shares of Kornit Digital from $21.00 to $26.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 1st. Craig Hallum upped their target price on shares of Kornit Digital from $27.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Needham & Company LLC lifted their price target on Kornit Digital from $27.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $31.00.

Hedge Funds Weigh In On Kornit Digital

Several large investors have recently made changes to their positions in the business. nVerses Capital LLC acquired a new stake in Kornit Digital during the second quarter valued at approximately $40,000. Signaturefd LLC boosted its stake in shares of Kornit Digital by 29.4% during the 2nd quarter. Signaturefd LLC now owns 3,428 shares of the industrial products company’s stock worth $50,000 after acquiring an additional 779 shares in the last quarter. Privium Fund Management B.V. bought a new stake in shares of Kornit Digital during the 2nd quarter worth $159,000. Bank of New York Mellon Corp grew its holdings in shares of Kornit Digital by 8.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 16,029 shares of the industrial products company’s stock worth $235,000 after acquiring an additional 1,184 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. raised its position in shares of Kornit Digital by 26.2% during the second quarter. B. Riley Wealth Advisors Inc. now owns 17,486 shares of the industrial products company’s stock worth $256,000 after purchasing an additional 3,633 shares during the period. Institutional investors own 92.76% of the company’s stock.

Kornit Digital Stock Performance

Shares of KRNT stock traded up $0.44 during midday trading on Friday, reaching $31.80. 75,936 shares of the company were exchanged, compared to its average volume of 366,955. The company’s 50 day moving average price is $26.96 and its two-hundred day moving average price is $20.24. The company has a market cap of $1.51 billion, a P/E ratio of -36.14 and a beta of 1.93. Kornit Digital has a 12 month low of $13.59 and a 12 month high of $33.00.

Kornit Digital (NASDAQ:KRNT) last released its earnings results on Wednesday, November 6th. The industrial products company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.04. Kornit Digital had a negative return on equity of 2.17% and a negative net margin of 21.00%. The firm had revenue of $50.73 million during the quarter, compared to the consensus estimate of $50.44 million. During the same period in the prior year, the firm posted ($0.17) earnings per share. The firm’s revenue for the quarter was down 14.3% compared to the same quarter last year. As a group, sell-side analysts predict that Kornit Digital will post -0.2 earnings per share for the current year.

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.