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

Kornit Digital Ltd. (NASDAQ:KRNT) saw a large increase in short interest in the month of December. As of December 31st, there was short interest totalling 1,610,000 shares, an increase of 80.5% from the December 15th total of 892,000 shares. Based on an average daily volume of 279,900 shares, the days-to-cover ratio is currently 5.8 days.

Hedge Funds Weigh In On Kornit Digital

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Chicago Capital LLC lifted its holdings in shares of Kornit Digital by 8.1% in the third quarter. Chicago Capital LLC now owns 3,089,263 shares of the industrial products company’s stock valued at $79,811,000 after purchasing an additional 231,659 shares in the last quarter. Disciplined Growth Investors Inc. MN raised its position in Kornit Digital by 2.6% in the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 2,113,832 shares of the industrial products company’s stock valued at $54,611,000 after buying an additional 53,257 shares during the last quarter. William Blair Investment Management LLC lifted its stake in Kornit Digital by 6.0% in the 2nd quarter. William Blair Investment Management LLC now owns 987,863 shares of the industrial products company’s stock valued at $14,462,000 after acquiring an additional 56,157 shares in the last quarter. LHM Inc. acquired a new position in Kornit Digital during the 2nd quarter worth approximately $12,042,000. Finally, Artemis Investment Management LLP boosted its position in Kornit Digital by 138.2% during the 4th quarter. Artemis Investment Management LLP now owns 641,908 shares of the industrial products company’s stock worth $19,867,000 after acquiring an additional 372,443 shares during the last quarter. 92.76% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently commented on KRNT shares. Craig Hallum lifted their price objective on Kornit Digital from $27.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Barclays boosted their target price on Kornit Digital from $21.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 1st. Cantor Fitzgerald began coverage on shares of Kornit Digital in a research report on Tuesday, November 26th. They issued an “overweight” rating and a $39.00 price target on the stock. Morgan Stanley boosted their price objective on shares of Kornit Digital from $33.00 to $38.00 and gave the company an “overweight” rating in a report on Monday, December 16th. Finally, Needham & Company LLC increased their target price on shares of Kornit Digital from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Kornit Digital presently has an average rating of “Moderate Buy” and an average target price of $33.40.

Kornit Digital Price Performance

NASDAQ:KRNT opened at $29.82 on Friday. The business’s 50-day simple moving average is $31.35 and its 200-day simple moving average is $24.12. Kornit Digital has a fifty-two week low of $13.59 and a fifty-two week high of $34.28. The stock has a market capitalization of $1.42 billion, a PE ratio of -33.89 and a beta of 2.01.

Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings results on Wednesday, November 6th. The industrial products company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.04. Kornit Digital had a negative net margin of 21.00% and a negative return on equity of 2.17%. The firm had revenue of $50.73 million for the quarter, compared to analyst estimates of $50.44 million. During the same quarter in the previous year, the firm posted ($0.17) earnings per share. The business’s revenue was down 14.3% on a year-over-year basis. On average, research analysts expect that Kornit Digital will post -0.22 earnings per share for the current year.

Kornit Digital Company Profile

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.