Kornit Digital Ltd. (NASDAQ:KRNT) Short Interest Down 14.2% in December

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

Analyst Ratings Changes

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

Kornit Digital Price Performance

Kornit Digital stock opened at $31.73 on Monday. The business has a 50 day moving average of $29.77 and a 200-day moving average of $22.70. The company has a market capitalization of $1.51 billion, a P/E ratio of -36.06 and a beta of 2.01. Kornit Digital has a 1 year low of $13.59 and a 1 year high of $34.28.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of KRNT. LHM Inc. acquired a new stake in shares of Kornit Digital in the second quarter valued at about $12,042,000. Chicago Capital LLC raised its holdings in Kornit Digital by 14.9% during the 2nd quarter. Chicago Capital LLC now owns 2,857,604 shares of the industrial products company’s stock worth $41,835,000 after purchasing an additional 370,962 shares during the last quarter. Loomis Sayles & Co. L P acquired a new position in shares of Kornit Digital in the 3rd quarter worth approximately $8,887,000. Artemis Investment Management LLP bought a new stake in shares of Kornit Digital in the 3rd quarter valued at $6,962,000. Finally, Polar Asset Management Partners Inc. boosted its stake in shares of Kornit Digital by 35.7% in the 3rd quarter. Polar Asset Management Partners Inc. now owns 621,043 shares of the industrial products company’s stock valued at $16,045,000 after purchasing an additional 163,543 shares during the last quarter. 92.76% of the stock is owned by institutional investors and hedge funds.

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.