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

Key Points

• Short interest in Kornit Digital rose by 16.3% in April to 941,805 shares (about 2.1% of shares outstanding), giving a short-interest ratio of 3.1 days based on average daily volume.
• Institutional ownership is high at 92.76%, and several funds — including UBS, Jane Street, Legal & General, Nebula, and Sei — increased their stakes in recent quarters.
• KRNT traded up 3.4% to $15.74, has a market cap of roughly $705M and a 52-week range of $11.93–$23.48; analysts hold a consensus "Hold" rating with a $20.25 average price target amid mixed ratings (three Buys, one Hold, one Sell).

Kornit Digital Ltd. (NASDAQ:KRNT - Get Free Report) saw a significant growth in short interest in the month of April. As of April 15th, there was short interest totaling 941,805 shares, a growth 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 daily volume of 304,353 shares, the short-interest ratio is presently 3.1 days.

Hedge Funds Weigh In On Kornit Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in KRNT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Kornit Digital by 1.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 117,800 shares of the industrial products company's stock valued at $2,248,000 after purchasing an additional 2,105 shares during the last quarter. Jane Street Group LLC grew its stake in shares of Kornit Digital by 277.4% in the first quarter. Jane Street Group LLC now owns 32,979 shares of the industrial products company's stock worth $629,000 after acquiring an additional 24,241 shares during the last quarter. Legal & General Group Plc grew its stake in shares of Kornit Digital by 9.7% in the second quarter. Legal & General Group Plc now owns 51,246 shares of the industrial products company's stock worth $1,020,000 after acquiring an additional 4,534 shares during the last quarter. Nebula Research & Development LLC grew its stake in shares of Kornit Digital by 68.9% in the second quarter. Nebula Research & Development LLC now owns 25,390 shares of the industrial products company's stock worth $506,000 after acquiring an additional 10,357 shares during the last quarter. Finally, Sei Investments Co. grew its stake in shares of Kornit Digital by 0.8% in the second quarter. Sei Investments Co. now owns 271,305 shares of the industrial products company's stock worth $5,402,000 after acquiring an additional 2,195 shares during the last quarter. Institutional investors and hedge funds own 92.76% of the company's stock.

Kornit Digital Trading Up 3.4%

KRNT stock traded up $0.51 during mid-day trading on Thursday, reaching $15.74. 36,799 shares of the stock traded hands, compared to its average volume of 342,240. Kornit Digital has a 52-week low of $11.93 and a 52-week high of $23.48. The company has a market cap of $705.21 million, a P/E ratio of -50.80 and a beta of 1.79. The stock's fifty day moving average is $15.20 and its 200-day moving average is $14.41.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last posted its quarterly earnings results on Wednesday, February 11th. The industrial products company reported $0.18 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.14 by $0.04. The business had revenue of $58.86 million during the quarter, compared to analyst estimates of $58.16 million. Kornit Digital had a negative net margin of 6.49% and a negative return on equity of 1.07%. The firm's revenue was down 3.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.18 earnings per share. Equities research analysts expect that Kornit Digital will post -0.24 earnings per share for the current year.

Analysts Set New Price Targets

KRNT has been the subject of several recent research reports. Weiss Ratings restated a "sell (d-)" rating on shares of Kornit Digital in a research report on Wednesday, March 25th. Wall Street Zen upgraded shares of Kornit Digital from a "sell" rating to a "hold" rating in a research report on Sunday, April 12th. Needham & Company LLC restated a "buy" rating and set a $20.00 price target on shares of Kornit Digital in a research report on Wednesday, February 11th. Finally, Morgan Stanley restated a "positive" rating and set a $17.00 price target on shares of Kornit Digital in a research report on Wednesday, February 11th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $20.25.

About Kornit Digital

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.

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