KORE Group Holdings, Inc. (NYSE:KORE) Short Interest Down 7.1% in August

KORE Group Holdings, Inc. (NYSE:KORE) was the recipient of a significant decrease in short interest in the month of August. As of August 31st, there was short interest totalling 70,600 shares, a decrease of 7.1% from the August 15th total of 76,000 shares. Based on an average daily volume of 54,800 shares, the days-to-cover ratio is currently 1.3 days. Currently, 1.4% of the shares of the company are sold short.

Institutional Trading of KORE Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in KORE. Renaissance Technologies LLC grew its holdings in shares of KORE Group by 7.2% in the 2nd quarter. Renaissance Technologies LLC now owns 94,200 shares of the company’s stock worth $40,000 after purchasing an additional 6,300 shares during the last quarter. Worth Venture Partners LLC acquired a new position in KORE Group in the fourth quarter valued at about $36,000. Finally, Courier Capital LLC bought a new stake in KORE Group during the second quarter worth about $73,000. Institutional investors own 57.45% of the company’s stock.

KORE Group Stock Performance

Shares of KORE stock traded up $0.16 during mid-day trading on Wednesday, reaching $2.22. The stock had a trading volume of 22,104 shares, compared to its average volume of 31,637. KORE Group has a one year low of $1.30 and a one year high of $6.45. The firm has a market cap of $36.94 million, a PE ratio of -0.22 and a beta of 2.48. The firm’s 50 day simple moving average is $2.48 and its 200 day simple moving average is $3.09. The company has a quick ratio of 1.24, a current ratio of 1.36 and a debt-to-equity ratio of 13.25.

KORE Group (NYSE:KORE) last posted its quarterly earnings results on Thursday, August 15th. The company reported ($0.99) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.31). The business had revenue of $67.87 million for the quarter, compared to analyst estimates of $73.37 million. KORE Group had a negative return on equity of 389.39% and a negative net margin of 74.03%. On average, analysts forecast that KORE Group will post -5.64 EPS for the current year.

Analyst Ratings Changes

Separately, TD Cowen downgraded shares of KORE Group from a “buy” rating to a “hold” rating and set a $2.00 target price on the stock. in a report on Friday, August 23rd.

About KORE Group

KORE Group Holdings, Inc provides Internet of Things (IoT) services and solutions worldwide. It offers connectivity and location-based services, device solutions, and managed and professional services that are used in the development and support of IoT technology for the business market. The company's products include IoT connectivity-as-a-service; connectivity enablement-as-a-service; device management services; and security location based services.