KORE Group Holdings, Inc. (NYSE:KORE) Sees Significant Drop in Short Interest

KORE Group Holdings, Inc. (NYSE:KORE) saw a significant drop in short interest during the month of August. As of August 31st, there was short interest totalling 70,600 shares, a drop of 7.1% from the August 15th total of 76,000 shares. Approximately 1.4% of the shares of the company are short sold. Based on an average daily trading volume, of 54,800 shares, the days-to-cover ratio is presently 1.3 days.

KORE Group Price Performance

Shares of NYSE KORE opened at $2.02 on Thursday. KORE Group has a fifty-two week low of $1.30 and a fifty-two week high of $6.45. The firm’s 50-day simple moving average is $2.49 and its 200 day simple moving average is $3.08. The company has a quick ratio of 1.24, a current ratio of 1.36 and a debt-to-equity ratio of 13.25. The stock has a market cap of $33.61 million, a P/E ratio of -0.21 and a beta of 2.48.

KORE Group (NYSE:KORE) last issued its quarterly earnings data on Thursday, August 15th. The company reported ($0.99) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.31). KORE Group had a negative net margin of 74.03% and a negative return on equity of 389.39%. The company had revenue of $67.87 million for the quarter, compared to the consensus estimate of $73.37 million. Equities analysts expect that KORE Group will post -5.64 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, TD Cowen cut KORE Group from a “buy” rating to a “hold” rating and set a $2.00 target price on the stock. in a research note on Friday, August 23rd.

Institutional Investors Weigh In On KORE Group

Several hedge funds and other institutional investors have recently bought and sold shares of KORE. Worth Venture Partners LLC bought a new stake in KORE Group in the fourth quarter worth about $36,000. Renaissance Technologies LLC raised its position in KORE Group by 7.2% in the second quarter. Renaissance Technologies LLC now owns 94,200 shares of the company’s stock worth $40,000 after acquiring an additional 6,300 shares in the last quarter. Finally, Courier Capital LLC bought a new stake in KORE Group in the second quarter worth about $73,000. 57.45% of the stock is currently owned by institutional investors.

About KORE Group

KORE Group Holdings, Inc provides Internet of Things (IoT) services and solutions worldwide. It offers connectivity and location-based services, device solutions, and managed and professional services that are used in the development and support of IoT technology for the business market. The company's products include IoT connectivity-as-a-service; connectivity enablement-as-a-service; device management services; and security location based services.