Kornit Digital Ltd. (NASDAQ:KRNT) Short Interest Update

Kornit Digital Ltd. (NASDAQ:KRNT) was the recipient of a significant drop in short interest in the month of February. As of February 28th, there was short interest totalling 715,400 shares, a drop of 26.4% from the February 13th total of 971,900 shares. Currently, 1.5% of the shares of the company are sold short. Based on an average daily volume of 281,300 shares, the days-to-cover ratio is presently 2.5 days.

Institutional Trading of Kornit Digital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. acquired a new stake in Kornit Digital in the third quarter worth about $934,000. Lisanti Capital Growth LLC increased its position in Kornit Digital by 119.0% in the fourth quarter. Lisanti Capital Growth LLC now owns 213,825 shares of the industrial products company’s stock worth $6,618,000 after purchasing an additional 116,170 shares during the period. Loomis Sayles & Co. L P acquired a new stake in Kornit Digital in the third quarter worth about $8,887,000. Stephens Investment Management Group LLC increased its position in Kornit Digital by 4.4% in the fourth quarter. Stephens Investment Management Group LLC now owns 1,342,321 shares of the industrial products company’s stock worth $41,545,000 after purchasing an additional 57,068 shares during the period. Finally, Dudley & Shanley Inc. increased its position in Kornit Digital by 25.3% in the third quarter. Dudley & Shanley Inc. now owns 259,525 shares of the industrial products company’s stock worth $6,705,000 after purchasing an additional 52,425 shares during the period. 92.76% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently commented on KRNT shares. Morgan Stanley raised their target price on Kornit Digital from $33.00 to $38.00 and gave the stock an “overweight” rating in a research report on Monday, December 16th. Needham & Company LLC lifted their price objective on Kornit Digital from $31.00 to $34.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Finally, Cantor Fitzgerald raised Kornit Digital to a “strong-buy” rating in a report on Thursday, February 27th. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Kornit Digital presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.00.

Kornit Digital Price Performance

Shares of NASDAQ:KRNT traded down $0.99 during midday trading on Monday, reaching $21.68. The company’s stock had a trading volume of 224,484 shares, compared to its average volume of 301,970. Kornit Digital has a fifty-two week low of $13.59 and a fifty-two week high of $34.29. The company has a market capitalization of $1.03 billion, a P/E ratio of -61.94 and a beta of 2.12. The business’s fifty day simple moving average is $27.27 and its 200-day simple moving average is $27.19.

Kornit Digital (NASDAQ:KRNT) last announced its earnings results on Wednesday, February 12th. The industrial products company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.14). Kornit Digital had a negative net margin of 8.24% and a negative return on equity of 1.51%. On average, analysts forecast that Kornit Digital will post -0.2 earnings per share for the current fiscal year.

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.