Short Interest in Kornit Digital Ltd. (NASDAQ:KRNT) Rises By 80.5%

Kornit Digital Ltd. (NASDAQ:KRNT) was the recipient of a large increase in short interest in December. As of December 31st, there was short interest totalling 1,610,000 shares, an increase of 80.5% from the December 15th total of 892,000 shares. Based on an average daily volume of 279,900 shares, the days-to-cover ratio is currently 5.8 days.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on KRNT shares. Needham & Company LLC upped their price objective on Kornit Digital from $27.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Morgan Stanley lifted their price objective on shares of Kornit Digital from $33.00 to $38.00 and gave the stock an “overweight” rating in a research note on Monday, December 16th. Cantor Fitzgerald started coverage on shares of Kornit Digital in a research note on Tuesday, November 26th. They set an “overweight” rating and a $39.00 target price for the company. Barclays upped their price target on Kornit Digital from $21.00 to $26.00 and gave the company an “equal weight” rating in a report on Tuesday, October 1st. Finally, 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. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $33.40.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Assenagon Asset Management S.A. raised its stake in shares of Kornit Digital by 421.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 470,674 shares of the industrial products company’s stock worth $14,567,000 after purchasing an additional 380,392 shares in the last quarter. Dudley & Shanley Inc. increased its holdings in Kornit Digital by 4.8% in the fourth quarter. Dudley & Shanley Inc. now owns 272,025 shares of the industrial products company’s stock worth $8,419,000 after buying an additional 12,500 shares during the last quarter. JPMorgan Chase & Co. raised its position in Kornit Digital by 5.7% during the third quarter. JPMorgan Chase & Co. now owns 23,779 shares of the industrial products company’s stock valued at $614,000 after acquiring an additional 1,284 shares in the last quarter. Principal Financial Group Inc. acquired a new stake in Kornit Digital in the third quarter valued at approximately $934,000. Finally, B. Riley Wealth Advisors Inc. grew its position in Kornit Digital by 3.6% in the third quarter. B. Riley Wealth Advisors Inc. now owns 18,111 shares of the industrial products company’s stock worth $468,000 after acquiring an additional 625 shares in the last quarter. Hedge funds and other institutional investors own 92.76% of the company’s stock.

Kornit Digital Trading Up 1.6 %

NASDAQ:KRNT opened at $29.48 on Wednesday. Kornit Digital has a 1-year low of $13.59 and a 1-year high of $34.28. The firm has a market capitalization of $1.40 billion, a price-to-earnings ratio of -33.50 and a beta of 2.01. The business’s fifty day moving average price is $31.35 and its 200 day moving average price is $24.04.

Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings data on Wednesday, November 6th. The industrial products company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.04. The firm had revenue of $50.73 million for the quarter, compared to the consensus estimate of $50.44 million. Kornit Digital had a negative net margin of 21.00% and a negative return on equity of 2.17%. The firm’s revenue was down 14.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.17) earnings per share. Equities analysts forecast that Kornit Digital will post -0.22 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.