KORE Group Holdings, Inc. (NYSE:KORE) Short Interest Up 39.2% in March

Key Points

• Short interest rose 39.2% to 213,991 shares as of March 13, equal to 1.8% of the stock and a days-to-cover ratio of 1.6.
• Analysts' consensus is a "Reduce" rating (two Holds, one Sell) with an average target price of $4.00.
• Shares opened at $9.00 (near the 52‑week high of $9.02); market cap is about $157.8M and the company has a negative P/E of -2.51.

KORE Group Holdings, Inc. (NYSE:KORE - Get Free Report) saw a large increase in short interest in March. As of March 13th, there was short interest totaling 213,991 shares, an increase of 39.2% from the February 26th total of 153,705 shares. Based on an average daily trading volume, of 136,318 shares, the days-to-cover ratio is currently 1.6 days. Currently, 1.8% of the shares of the stock are sold short.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in KORE. Citadel Advisors LLC purchased a new stake in shares of KORE Group in the third quarter worth about $30,000. One68 Global Capital LLC purchased a new position in KORE Group during the 4th quarter valued at approximately $59,000. State Street Corp increased its stake in 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 acquiring an additional 5,500 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in 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 acquiring an additional 4,500 shares during the last quarter. Hedge funds and other institutional investors own 57.45% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on KORE. Wall Street Zen raised KORE Group to a "hold" rating in a report on Saturday, January 17th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of KORE Group in a research note on Monday, December 29th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average target price of $4.00.

KORE Group Stock Performance

Shares of NYSE:KORE opened at $9.00 on Friday. The firm has a market cap of $157.77 million, a price-to-earnings ratio of -2.51 and a beta of 1.58. The firm has a fifty day moving average price of $6.65 and a 200 day moving average price of $4.75. KORE Group has a fifty-two week low of $2.00 and a fifty-two week high of $9.02.

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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