Short Interest in Kornit Digital Ltd. (NASDAQ:KRNT) Drops By 14.2%

Kornit Digital Ltd. (NASDAQ:KRNT) was the recipient of a large drop in short interest in December. As of December 15th, there was short interest totalling 892,000 shares, a drop of 14.2% from the November 30th total of 1,040,000 shares. Based on an average trading volume of 364,400 shares, the days-to-cover ratio is currently 2.4 days.

Hedge Funds Weigh In On Kornit Digital

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. LHM Inc. acquired a new position in shares of Kornit Digital during the second quarter worth $12,042,000. Chicago Capital LLC boosted its position in Kornit Digital by 14.9% in the 2nd quarter. Chicago Capital LLC now owns 2,857,604 shares of the industrial products company’s stock valued at $41,835,000 after buying an additional 370,962 shares during the last quarter. Loomis Sayles & Co. L P acquired a new stake in shares of Kornit Digital during the third quarter valued at about $8,887,000. Artemis Investment Management LLP purchased a new stake in shares of Kornit Digital during the third quarter worth about $6,962,000. Finally, Polar Asset Management Partners Inc. lifted its stake in shares of Kornit Digital by 35.7% in the third quarter. Polar Asset Management Partners Inc. now owns 621,043 shares of the industrial products company’s stock worth $16,045,000 after acquiring an additional 163,543 shares in the last quarter. Hedge funds and other institutional investors own 92.76% of the company’s stock.

Analyst Ratings Changes

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

Kornit Digital Stock Performance

NASDAQ KRNT opened at $31.73 on Friday. Kornit Digital has a one year low of $13.59 and a one year high of $34.28. The company’s 50 day moving average price is $29.77 and its 200 day moving average price is $22.65. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of -36.06 and a beta of 2.01.

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

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.