Short Interest in Kornit Digital Ltd. (NASDAQ:KRNT) Declines By 5.3%

Kornit Digital Ltd. (NASDAQ:KRNT) was the target of a large decrease in short interest during the month of October. As of October 15th, there was short interest totalling 828,400 shares, a decrease of 5.3% from the September 30th total of 874,700 shares. Based on an average daily volume of 362,300 shares, the short-interest ratio is currently 2.3 days.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Needham & Company LLC restated a “buy” rating and issued a $27.00 price objective on shares of Kornit Digital in a report on Thursday, September 12th. Morgan Stanley increased their price objective on shares of Kornit Digital from $20.00 to $26.00 and gave the stock an “overweight” rating in a research report on Friday, September 13th. Barclays boosted their target price on Kornit Digital from $21.00 to $26.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 1st. Craig Hallum raised their price target on Kornit Digital from $23.00 to $27.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. Finally, StockNews.com upgraded Kornit Digital from a “sell” rating to a “hold” rating in a report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and three have given 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 an average target price of $26.50.

Kornit Digital Trading Up 0.6 %

Shares of NASDAQ KRNT opened at $23.03 on Friday. Kornit Digital has a 12-month low of $13.59 and a 12-month high of $26.64. The stock has a market cap of $1.10 billion, a P/E ratio of -22.22 and a beta of 1.92. The business’s fifty day simple moving average is $22.95 and its 200-day simple moving average is $18.10.

Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings data on Wednesday, August 7th. The industrial products company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.03. Kornit Digital had a negative return on equity of 3.22% and a negative net margin of 23.63%. The business had revenue of $48.62 million during the quarter, compared to analysts’ expectations of $50.24 million. During the same quarter last year, the business posted ($0.28) EPS. The business’s quarterly revenue was down 13.5% compared to the same quarter last year. On average, equities analysts forecast that Kornit Digital will post -0.28 EPS for the current fiscal year.

Institutional Investors Weigh In On Kornit Digital

Institutional investors and hedge funds have recently bought and sold shares of the stock. Principal Financial Group Inc. purchased a new stake in Kornit Digital in the third quarter valued at approximately $934,000. Harbor Capital Advisors Inc. raised its position in Kornit Digital by 74.1% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 140,071 shares of the industrial products company’s stock valued at $3,619,000 after purchasing an additional 59,605 shares during the last quarter. Roubaix Capital LLC acquired a new stake in Kornit Digital during the 3rd quarter worth $2,635,000. Tectonic Advisors LLC purchased a new position in Kornit Digital during the 3rd quarter worth $705,000. Finally, Assenagon Asset Management S.A. increased its stake in Kornit Digital by 238.7% in the third quarter. Assenagon Asset Management S.A. now owns 90,282 shares of the industrial products company’s stock valued at $2,332,000 after purchasing an additional 63,629 shares during the period. 92.76% of the stock is owned by hedge funds and other institutional investors.

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.