Short Interest in Kornit Digital Ltd. (NASDAQ:KRNT) Increases By 16.3%

Kornit Digital Ltd. (NASDAQ:KRNT) was the target of a significant increase in short interest during the month of 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 company are short sold. Based on an average trading volume of 304,353 shares, the short-interest ratio is currently 3.1 days.

Kornit Digital Stock Performance

Shares of NASDAQ KRNT traded up $0.51 during midday trading on Thursday, reaching $15.74. 36,799 shares of the company traded hands, compared to its average volume of 342,240. The firm has a market cap of $705.21 million, a PE ratio of -50.80 and a beta of 1.79. The stock’s 50-day simple moving average is $15.20 and its 200-day simple moving average is $14.41. Kornit Digital has a 12 month low of $11.93 and a 12 month high of $23.48.

Kornit Digital (NASDAQ:KRNT) last released its quarterly 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. Kornit Digital had a negative return on equity of 1.07% and a negative net margin of 6.49%.The business had revenue of $58.86 million during the quarter, compared to analysts’ expectations of $58.16 million. During the same period in the previous year, the business posted $0.18 earnings per share. The firm’s revenue for the quarter was down 3.0% compared to the same quarter last year. On average, equities research analysts expect that Kornit Digital will post -0.24 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in KRNT. Van ECK Associates Corp increased its position in Kornit Digital by 6.9% in the fourth quarter. Van ECK Associates Corp now owns 12,742 shares of the industrial products company’s stock worth $183,000 after purchasing an additional 820 shares during the period. Public Employees Retirement System of Ohio increased its position in Kornit Digital by 11.9% in the fourth quarter. Public Employees Retirement System of Ohio now owns 12,200 shares of the industrial products company’s stock worth $175,000 after purchasing an additional 1,300 shares during the period. Raymond James Financial Inc. acquired a new stake in Kornit Digital in the second quarter worth about $31,000. State of Tennessee Department of Treasury acquired a new stake in Kornit Digital in the second quarter worth about $35,000. Finally, CIBC Private Wealth Group LLC increased its position in 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 worth $26,000 after purchasing an additional 1,795 shares during the period. 92.76% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

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.