Short Interest in Kornit Digital Ltd. (NASDAQ:KRNT) Expands By 8.6%

Kornit Digital Ltd. (NASDAQ:KRNT) was the recipient of a significant increase in short interest during the month of April. As of April 30th, there was short interest totalling 847,400 shares, an increase of 8.6% from the April 15th total of 780,500 shares. Based on an average daily trading volume, of 432,700 shares, the short-interest ratio is presently 2.0 days.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Tidal Investments LLC bought a new position in Kornit Digital during the first quarter valued at $664,000. California State Teachers Retirement System boosted its stake in shares of Kornit Digital by 9.9% during the first quarter. California State Teachers Retirement System now owns 55,682 shares of the industrial products company’s stock valued at $1,009,000 after purchasing an additional 5,005 shares during the period. Kennedy Capital Management LLC boosted its stake in shares of Kornit Digital by 26.6% during the first quarter. Kennedy Capital Management LLC now owns 95,581 shares of the industrial products company’s stock valued at $1,732,000 after purchasing an additional 20,067 shares during the period. Roubaix Capital LLC boosted its stake in shares of Kornit Digital by 104.9% during the first quarter. Roubaix Capital LLC now owns 141,875 shares of the industrial products company’s stock valued at $2,571,000 after purchasing an additional 72,638 shares during the period. Finally, William Blair Investment Management LLC boosted its stake in shares of Kornit Digital by 4.0% during the first quarter. William Blair Investment Management LLC now owns 931,706 shares of the industrial products company’s stock valued at $16,883,000 after purchasing an additional 35,930 shares during the period. Institutional investors own 92.76% of the company’s stock.

Analysts Set New Price Targets

KRNT has been the topic of several recent analyst reports. StockNews.com cut shares of Kornit Digital from a “hold” rating to a “sell” rating in a research report on Sunday, May 5th. Needham & Company LLC restated a “buy” rating and issued a $27.00 price target on shares of Kornit Digital in a research report on Thursday, May 9th.

Kornit Digital Stock Performance

Shares of KRNT opened at $15.16 on Friday. Kornit Digital has a fifty-two week low of $13.29 and a fifty-two week high of $31.94. The stock has a market capitalization of $723.74 million, a PE ratio of -12.43 and a beta of 1.88. The company’s fifty day moving average is $16.63 and its 200 day moving average is $17.35.

Kornit Digital (NASDAQ:KRNT) last posted its quarterly earnings data on Wednesday, February 14th. The industrial products company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.08. Kornit Digital had a negative net margin of 27.17% and a negative return on equity of 4.31%. The business had revenue of $56.59 million for the quarter, compared to analysts’ expectations of $57.35 million. As a group, research analysts forecast that Kornit Digital will post -0.28 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.