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

Kornit Digital Ltd. (NASDAQ:KRNT) was the target of a significant growth in short interest during the month of September. As of September 30th, there was short interest totalling 874,700 shares, a growth of 9.5% from the September 15th total of 799,000 shares. Based on an average daily volume of 352,400 shares, the short-interest ratio is currently 2.5 days.

Kornit Digital Stock Performance

NASDAQ KRNT opened at $24.91 on Thursday. Kornit Digital has a fifty-two week low of $13.29 and a fifty-two week high of $26.64. The stock has a market cap of $1.19 billion, a P/E ratio of -20.42 and a beta of 1.92. The stock has a 50 day simple moving average of $21.65 and a two-hundred day simple moving average of $17.56.

Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings results on Wednesday, August 7th. The industrial products company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03. The company had revenue of $48.62 million during the quarter, compared to analyst estimates of $50.24 million. Kornit Digital had a negative return on equity of 3.22% and a negative net margin of 23.63%. The firm’s revenue was down 13.5% on a year-over-year basis. During the same quarter last year, the firm posted ($0.28) earnings per share. Sell-side analysts predict that Kornit Digital will post -0.28 earnings per share for the current year.

Institutional Investors Weigh In On Kornit Digital

A number of large investors have recently modified their holdings of KRNT. Moody National Bank Trust Division lifted its stake in shares of Kornit Digital by 7.9% in the 1st quarter. Moody National Bank Trust Division now owns 42,981 shares of the industrial products company’s stock valued at $779,000 after purchasing an additional 3,162 shares during the period. Silverberg Bernstein Capital Management LLC lifted its position in Kornit Digital by 1.3% during the first quarter. Silverberg Bernstein Capital Management LLC now owns 117,250 shares of the industrial products company’s stock valued at $2,125,000 after buying an additional 1,550 shares during the period. Thompson Investment Management Inc. boosted its holdings in shares of Kornit Digital by 13.6% during the 1st quarter. Thompson Investment Management Inc. now owns 523,287 shares of the industrial products company’s stock valued at $9,482,000 after buying an additional 62,607 shares in the last quarter. Wasatch Advisors LP grew its position in shares of Kornit Digital by 6.7% in the 1st quarter. Wasatch Advisors LP now owns 1,810,302 shares of the industrial products company’s stock worth $32,803,000 after buying an additional 114,372 shares during the period. Finally, Dudley & Shanley Inc. increased its stake in shares of Kornit Digital by 47.2% in the 1st quarter. Dudley & Shanley Inc. now owns 153,400 shares of the industrial products company’s stock worth $2,780,000 after acquiring an additional 49,180 shares in the last quarter. Institutional investors own 92.76% of the company’s stock.

Wall Street Analysts Forecast Growth

KRNT has been the topic of a number of recent research reports. Morgan Stanley raised their price objective on Kornit Digital from $20.00 to $26.00 and gave the company an “overweight” rating in a research note on Friday, September 13th. Needham & Company LLC reaffirmed a “buy” rating and issued a $27.00 price target on shares of Kornit Digital in a research note on Thursday, September 12th. StockNews.com upgraded Kornit Digital from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th. Craig Hallum raised their target price on shares of Kornit Digital from $23.00 to $27.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Finally, Barclays lifted their target price on shares of Kornit Digital from $21.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 1st. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.50.

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.