KORE Group Holdings, Inc. (NYSE:KORE) Sees Large Increase in Short Interest

Key Points

• Short interest in KORE Group surged 159.5% in June to 324,431 shares, representing 2.8% of the float and about 2.3 days to cover based on average volume.
• The stock has a cautious analyst outlook, with Weiss Ratings reiterating a "sell (d-)" rating and MarketBeat data showing an average rating of "Reduce" with a $5.00 target price.
• KORE recently reported weaker-than-expected quarterly results, posting a loss of $1.43 per share on revenue of $65.82 million, both below analyst estimates.

KORE Group Holdings, Inc. (NYSE:KORE - Get Free Report) was the recipient of a large increase in short interest during the month of 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. Currently, 2.8% of the company's shares are sold short. Based on an average daily trading volume, of 141,806 shares, the days-to-cover ratio is presently 2.3 days.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a "sell (d-)" rating on shares of KORE Group in a report on Wednesday, June 24th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Reduce" and an average target price of $5.00.

KORE Group Stock Up 0.1%

NYSE KORE opened at $9.26 on Tuesday. The firm has a market capitalization of $162.80 million, a PE ratio of -2.40 and a beta of 1.46. The stock's 50 day moving average is $9.20 and its 200 day moving average is $7.71. KORE Group has a twelve month low of $2.00 and a twelve month high of $9.79.

KORE Group (NYSE:KORE - Get Free Report) last posted 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 business had revenue of $65.82 million during the quarter, compared to analyst estimates of $72.20 million. On average, research analysts anticipate that KORE Group will post -1.36 earnings per share for the current year.

Institutional Investors Weigh In On KORE Group

Hedge funds have recently bought and sold shares of the business. Citadel Advisors LLC purchased a new stake in KORE Group in the third quarter worth about $30,000. One68 Global Capital LLC purchased a new position in shares of KORE Group during the fourth quarter valued at approximately $59,000. State Street Corp boosted its position in shares of 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. Renaissance Technologies LLC grew its stake in shares of KORE Group by 14.5% in the 4th quarter. Renaissance Technologies LLC now owns 35,441 shares of the company's stock worth $150,000 after buying an additional 4,500 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in KORE Group during the 1st quarter valued at approximately $902,000. Institutional investors own 57.45% of the company's stock.

About KORE Group

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.

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