Short Interest in Kornit Digital Ltd. (NASDAQ:KRNT) Decreases By 14.2%

Kornit Digital Ltd. (NASDAQ:KRNT) was the target of a significant decrease in short interest in the month of December. As of December 15th, there was short interest totalling 892,000 shares, a decrease of 14.2% from the November 30th total of 1,040,000 shares. Based on an average daily volume of 364,400 shares, the short-interest ratio is presently 2.4 days.

Kornit Digital Price Performance

NASDAQ KRNT traded down $0.33 during trading on Tuesday, reaching $31.08. 45,238 shares of the company’s stock traded hands, compared to its average volume of 356,906. Kornit Digital has a 12-month low of $13.59 and a 12-month high of $34.28. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of -35.32 and a beta of 2.01. The company’s 50 day simple moving average is $29.92 and its two-hundred day simple moving average is $22.81.

Kornit Digital (NASDAQ:KRNT) last posted 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 company had revenue of $50.73 million during the quarter, compared to analyst estimates of $50.44 million. During the same quarter in the prior year, the business earned ($0.17) earnings per share. Kornit Digital’s revenue was down 14.3% on a year-over-year basis. Research analysts expect that Kornit Digital will post -0.22 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

Institutional Trading of Kornit Digital

A number of institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp boosted its stake in Kornit Digital by 8.0% in the second quarter. Bank of New York Mellon Corp now owns 16,029 shares of the industrial products company’s stock valued at $235,000 after acquiring an additional 1,184 shares in the last quarter. Signaturefd LLC lifted its holdings 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 valued at $50,000 after purchasing an additional 779 shares during the last quarter. nVerses Capital LLC acquired a new stake in shares of Kornit Digital in the 2nd quarter worth $40,000. Privium Fund Management B.V. purchased a new position in Kornit Digital during the 2nd quarter worth $159,000. Finally, Chicago Capital LLC increased its position in Kornit Digital by 14.9% during the 2nd quarter. Chicago Capital LLC now owns 2,857,604 shares of the industrial products company’s stock valued at $41,835,000 after buying an additional 370,962 shares in the last quarter. 92.76% of the stock is currently owned by institutional investors.

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.