Short Interest in KORE Group Holdings, Inc. (NYSE:KORE) Expands By 159.5%

KORE Group Holdings, Inc. (NYSE:KORE) was the recipient of a large increase in short interest in June. As of June 30th, there was short interest totaling 324,431 shares, an increase of 159.5% from the June 15th total of 125,010 shares. Approximately 2.8% of the shares of the stock are sold short. Based on an average daily volume of 141,806 shares, the days-to-cover ratio is presently 2.3 days.

KORE Group Stock Performance

Shares of KORE traded down $0.01 during mid-day trading on Wednesday, reaching $9.26. The company had a trading volume of 156,763 shares, compared to its average volume of 82,853. The company has a market capitalization of $162.80 million, a price-to-earnings ratio of -2.40 and a beta of 1.46. The company’s 50 day simple moving average is $9.20 and its 200 day simple moving average is $7.78. KORE Group has a 1-year low of $2.00 and a 1-year high of $9.79.

KORE Group (NYSE:KORE) last released its quarterly earnings data on Monday, May 11th. The company reported ($1.43) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($1.01). The company had revenue of $65.82 million for the quarter, compared to analyst estimates of $72.20 million. As a group, equities analysts forecast that KORE Group will post -1.36 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of KORE Group during the 1st quarter valued at $902,000. Renaissance Technologies LLC grew its position in KORE Group by 151.0% during the 1st quarter. Renaissance Technologies LLC now owns 88,941 shares of the company’s stock worth $802,000 after acquiring an additional 53,500 shares during the last quarter. State Street Corp increased its holdings in KORE Group by 23.2% in the 4th quarter. State Street Corp now owns 29,217 shares of the company’s stock worth $123,000 after purchasing an additional 5,500 shares in the last quarter. One68 Global Capital LLC acquired a new position in KORE Group in the 4th quarter worth about $59,000. Finally, Citadel Advisors LLC bought a new position in KORE Group in the third quarter valued at about $30,000. 57.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of KORE Group in a report on Wednesday, June 24th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $5.00.

KORE Group Company Profile

KORE Group (NYSE: KORE) is a global provider of Internet of Things (IoT) connectivity and managed services, helping enterprises deploy, secure and scale their IoT applications. The company offers a comprehensive suite of solutions that includes cellular, satellite and Low-Power Wide-Area Network (LPWAN) connectivity, multi-network SIM management, eSIM provisioning and cloud-based IoT platforms. Through its unified approach, KORE enables businesses to streamline the complexities of device onboarding, monitoring and lifecycle management across diverse geographies.

Founded in 2002 and headquartered in Atlanta, Georgia, KORE has grown through a combination of organic innovation and strategic acquisitions to become one of the world’s largest independent IoT service providers.