Kornit Digital Ltd. (NASDAQ:KRNT) Short Interest Update

Kornit Digital Ltd. (NASDAQ:KRNT) was the recipient of a large increase in short interest in April. As of April 15th, there was short interest totaling 941,805 shares, an increase of 16.3% from the March 31st total of 809,952 shares. Approximately 2.1% of the shares of the stock are short sold. Based on an average daily volume of 304,353 shares, the days-to-cover ratio is currently 3.1 days.

Institutional Trading of Kornit Digital

A number of hedge funds have recently modified their holdings of KRNT. CIBC Private Wealth Group LLC lifted its holdings in shares of Kornit Digital by 1,359.8% in the third quarter. CIBC Private Wealth Group LLC now owns 1,927 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 1,795 shares in the last quarter. Johnson Financial Group Inc. purchased a new stake in shares of Kornit Digital in the third quarter valued at $27,000. Raymond James Financial Inc. purchased a new stake in shares of Kornit Digital in the second quarter valued at $31,000. State of Tennessee Department of Treasury purchased a new stake in shares of Kornit Digital in the second quarter valued at $35,000. Finally, Quadrature Capital Ltd purchased a new stake in shares of Kornit Digital in the fourth quarter valued at $144,000. Hedge funds and other institutional investors own 92.76% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Wall Street Zen upgraded Kornit Digital from a “sell” rating to a “hold” rating in a research report on Sunday, April 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Kornit Digital in a research report on Wednesday, March 25th. Morgan Stanley reiterated a “positive” rating and set a $17.00 price objective on shares of Kornit Digital in a research report on Wednesday, February 11th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $20.00 price objective on shares of Kornit Digital in a research report on Wednesday, February 11th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $20.25.

Kornit Digital Stock Up 0.8%

Shares of KRNT traded up $0.13 during mid-day trading on Friday, reaching $15.94. The company’s stock had a trading volume of 119,049 shares, compared to its average volume of 199,666. The business has a fifty day moving average of $15.21 and a 200 day moving average of $14.42. The company has a market cap of $714.03 million, a price-to-earnings ratio of -51.42 and a beta of 1.79. Kornit Digital has a 1 year low of $11.93 and a 1 year high of $23.48.

Kornit Digital (NASDAQ:KRNT) last released its earnings results on Wednesday, February 11th. The industrial products company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.04. The company had revenue of $58.86 million during the quarter, compared to analyst estimates of $58.16 million. Kornit Digital had a negative return on equity of 1.07% and a negative net margin of 6.49%.The company’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.18 earnings per share. On average, analysts predict that Kornit Digital will post -0.24 earnings per share for the current year.

Kornit Digital Company Profile

Kornit Digital Ltd. (NASDAQ: KRNT) is a global technology company specializing in digital textile printing solutions. Headquartered in Rosh Ha’Ayin, Israel, Kornit develops and manufactures an integrated ecosystem of industrial inkjet printers, proprietary NeoPigment inks and pretreatment systems. Its product portfolio addresses a range of applications including direct-to-garment, direct-to-fabric, digital embellishment and hybrid manufacturing, enabling businesses to produce custom apparel, sportswear, fashion and home textiles on demand.

The company’s flagship offerings include the Avalanche and Atlas series for high-volume production, as well as the Storm and Helix lines designed for mid-to-large scale operations.