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

Kornit Digital Ltd. (NASDAQ:KRNT) saw a large growth in short interest during the month of May. As of May 31st, there was short interest totalling 818,400 shares, a growth of 9.4% from the May 15th total of 748,300 shares. Based on an average daily volume of 328,800 shares, the days-to-cover ratio is currently 2.5 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of KRNT. Headlands Technologies LLC lifted its position in shares of Kornit Digital by 97.9% in the 1st quarter. Headlands Technologies LLC now owns 2,076 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 1,027 shares during the period. Tower Research Capital LLC TRC lifted its position in shares of Kornit Digital by 402.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 5,796 shares of the industrial products company’s stock worth $111,000 after purchasing an additional 4,642 shares during the period. Anchor Investment Management LLC acquired a new position in shares of Kornit Digital in the 4th quarter worth approximately $140,000. Van ECK Associates Corp lifted its position in shares of Kornit Digital by 6.8% in the 3rd quarter. Van ECK Associates Corp now owns 11,658 shares of the industrial products company’s stock worth $220,000 after purchasing an additional 742 shares during the period. Finally, Trust Point Inc. acquired a new position in shares of Kornit Digital in the 4th quarter worth approximately $271,000. Institutional investors and hedge funds own 92.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on KRNT. Needham & Company LLC reaffirmed a “buy” rating and set a $27.00 price target on shares of Kornit Digital in a report on Thursday, May 9th. StockNews.com lowered shares of Kornit Digital from a “hold” rating to a “sell” rating in a report on Thursday.

Kornit Digital Stock Down 1.2 %

NASDAQ:KRNT traded down $0.18 during mid-day trading on Monday, hitting $14.96. 194,848 shares of the company’s stock were exchanged, compared to its average volume of 418,562. The company has a 50 day simple moving average of $15.38 and a 200-day simple moving average of $16.99. Kornit Digital has a fifty-two week low of $13.29 and a fifty-two week high of $31.94.

Kornit Digital (NASDAQ:KRNT) last posted its earnings results on Wednesday, May 8th. The industrial products company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.02). Kornit Digital had a negative return on equity of 4.31% and a negative net margin of 27.17%. The business had revenue of $43.78 million for the quarter, compared to analyst estimates of $45.85 million. On average, research analysts anticipate that Kornit Digital will post -0.28 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.