Kornit Digital Ltd. (NASDAQ:KRNT) Short Interest Update

Kornit Digital Ltd. (NASDAQ:KRNT) was the target of a large increase in short interest in November. As of November 15th, there was short interest totalling 1,470,000 shares, an increase of 96.6% from the October 31st total of 747,900 shares. Based on an average trading volume of 387,800 shares, the days-to-cover ratio is currently 3.8 days.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on KRNT shares. Needham & Company LLC lifted their price objective on shares of Kornit Digital from $27.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Cantor Fitzgerald began coverage on Kornit Digital in a report on Tuesday. They set an “overweight” rating and a $39.00 price target on the stock. Barclays increased their price objective 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. Craig Hallum lifted their target price on Kornit Digital from $27.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, StockNews.com raised shares of Kornit Digital from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.00.

Hedge Funds Weigh In On Kornit Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Signaturefd LLC grew its position in shares of Kornit Digital by 29.4% in the second 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. Trust Point Inc. increased its position in Kornit Digital by 4.6% in the 3rd quarter. Trust Point Inc. now owns 17,868 shares of the industrial products company’s stock worth $462,000 after buying an additional 785 shares during the period. Privium Fund Management B.V. lifted its holdings in shares of Kornit Digital by 8.8% during the third quarter. Privium Fund Management B.V. now owns 11,800 shares of the industrial products company’s stock worth $305,000 after buying an additional 950 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of 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 during the period. Finally, Sei Investments Co. grew its stake in shares of Kornit Digital by 0.6% in the second quarter. Sei Investments Co. now owns 206,464 shares of the industrial products company’s stock worth $3,023,000 after acquiring an additional 1,214 shares during the last quarter. Institutional investors and hedge funds own 92.76% of the company’s stock.

Kornit Digital Trading Up 1.4 %

KRNT stock traded up $0.44 during mid-day trading on Friday, hitting $31.80. The stock had a trading volume of 75,936 shares, compared to its average volume of 366,955. Kornit Digital has a 1-year low of $13.59 and a 1-year high of $33.00. The company has a fifty day moving average of $26.96 and a 200 day moving average of $20.24. The stock has a market capitalization of $1.51 billion, a price-to-earnings ratio of -36.14 and a beta of 1.93.

Kornit Digital (NASDAQ:KRNT) last released 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 business had revenue of $50.73 million for the quarter, compared to the consensus estimate of $50.44 million. During the same quarter last year, the firm earned ($0.17) EPS. Kornit Digital’s revenue for the quarter was down 14.3% on a year-over-year basis. As a group, sell-side analysts expect that Kornit Digital will post -0.2 earnings per share for the current fiscal 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.