Kornit Digital Ltd. (NASDAQ:KRNT) Short Interest Up 20.9% in March

Kornit Digital Ltd. (NASDAQ:KRNT) was the target of a significant growth in short interest in the month of March. As of March 31st, there was short interest totalling 917,400 shares, a growth of 20.9% from the March 15th total of 758,900 shares. Based on an average trading volume of 309,900 shares, the days-to-cover ratio is currently 3.0 days. Currently, 2.0% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on KRNT. Cantor Fitzgerald upgraded Kornit Digital to a “strong-buy” rating in a report on Thursday, February 27th. Needham & Company LLC reduced their target price on shares of Kornit Digital from $34.00 to $28.00 and set a “buy” rating on the stock in a report on Tuesday, April 8th. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $32.80.

Kornit Digital Price Performance

Shares of NASDAQ KRNT traded down $0.99 during midday trading on Monday, hitting $17.41. 132,523 shares of the company’s stock were exchanged, compared to its average volume of 294,611. The company has a market cap of $827.88 million, a PE ratio of -49.74 and a beta of 2.08. Kornit Digital has a twelve month low of $13.59 and a twelve month high of $34.29. The firm’s fifty day simple moving average is $21.59 and its 200-day simple moving average is $26.55.

Kornit Digital (NASDAQ:KRNT) last issued its earnings results on Wednesday, February 12th. The industrial products company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.14). Kornit Digital had a negative net margin of 8.24% and a negative return on equity of 1.51%. Equities analysts anticipate that Kornit Digital will post -0.2 EPS for the current fiscal year.

Institutional Trading of Kornit Digital

Several institutional investors and hedge funds have recently made changes to their positions in KRNT. Fifth Third Bancorp increased its position in Kornit Digital by 23.4% during the fourth quarter. Fifth Third Bancorp now owns 2,069 shares of the industrial products company’s stock worth $64,000 after buying an additional 393 shares during the period. Russell Investments Group Ltd. raised its position in Kornit Digital by 654.5% in the 4th quarter. Russell Investments Group Ltd. now owns 2,075 shares of the industrial products company’s stock valued at $64,000 after purchasing an additional 1,800 shares during the last quarter. Parkside Financial Bank & Trust grew its position in Kornit Digital by 35.5% during the 4th quarter. Parkside Financial Bank & Trust now owns 3,773 shares of the industrial products company’s stock worth $117,000 after purchasing an additional 988 shares during the last quarter. Deutsche Bank AG increased its stake in Kornit Digital by 31.5% in the fourth quarter. Deutsche Bank AG now owns 4,770 shares of the industrial products company’s stock valued at $148,000 after purchasing an additional 1,143 shares during the period. Finally, BNP Paribas Financial Markets purchased a new stake in shares of Kornit Digital in the fourth quarter valued at about $159,000. 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.