Kornit Digital Ltd. (NASDAQ:KRNT) Sees Significant Decrease in Short Interest

Kornit Digital Ltd. (NASDAQ:KRNT - Get Free Report) was the target of a large decline in short interest in the month of March. As of March 31st, there was short interest totalling 974,800 shares, a decline of 13.7% from the March 15th total of 1,130,000 shares. Based on an average daily volume of 536,100 shares, the days-to-cover ratio is presently 1.8 days.

Kornit Digital Stock Down 4.2 %

Shares of NASDAQ:KRNT traded down $0.69 during midday trading on Friday, reaching $15.90. The company's stock had a trading volume of 193,101 shares, compared to its average volume of 455,167. The firm has a 50 day moving average of $17.80 and a 200-day moving average of $17.44. The firm has a market capitalization of $759.07 million, a P/E ratio of -12.05 and a beta of 1.89. Kornit Digital has a 12-month low of $13.29 and a 12-month high of $31.94.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last released its earnings results on Wednesday, February 14th. The industrial products company reported ($0.04) earnings per share for the quarter, topping analysts' consensus estimates of ($0.12) by $0.08. The firm had revenue of $56.59 million for the quarter, compared to the consensus estimate of $57.35 million. Kornit Digital had a negative net margin of 29.28% and a negative return on equity of 5.05%. On average, research analysts predict that Kornit Digital will post -0.28 EPS for the current year.

Institutional Trading of Kornit Digital

Institutional investors have recently bought and sold shares of the company. Quarry LP grew its position in Kornit Digital by 357.9% during the 1st quarter. Quarry LP now owns 1,273 shares of the industrial products company's stock valued at $25,000 after purchasing an additional 995 shares during the last quarter. Allworth Financial LP lifted its stake in Kornit Digital by 9,252.9% during the 3rd quarter. Allworth Financial LP now owns 1,590 shares of the industrial products company's stock valued at $30,000 after acquiring an additional 1,573 shares during the period. Tower Research Capital LLC TRC bought a new position in Kornit Digital during the 3rd quarter valued at about $39,000. Headlands Technologies LLC bought a new position in Kornit Digital during the 3rd quarter valued at about $58,000. Finally, UBS Group AG lifted its stake in Kornit Digital by 226.4% during the 1st quarter. UBS Group AG now owns 3,444 shares of the industrial products company's stock valued at $67,000 after acquiring an additional 2,389 shares during the period. 92.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised shares of Kornit Digital from a "sell" rating to a "hold" rating in a research report on Thursday.

About Kornit Digital

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. The company's solutions include digital printing systems, ink and other consumables, associated software, and value-added services.