KORE Group Holdings, Inc. (NYSE:KORE) Sees Significant Growth in Short Interest

KORE Group Holdings, Inc. (NYSE:KORE – Get Rating) was the recipient of a significant increase in short interest in December. As of December 30th, there was short interest totalling 487,000 shares, an increase of 29.6% from the December 15th total of 375,700 shares. Based on an average daily volume of 122,300 shares, the short-interest ratio is presently 4.0 days. Approximately 1.2% of the company’s stock are sold short.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in KORE. Strs Ohio bought a new stake in KORE Group in the second quarter worth about $25,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in KORE Group in the second quarter worth about $31,000. SG Americas Securities LLC bought a new stake in KORE Group in the second quarter worth about $38,000. Verition Fund Management LLC bought a new stake in KORE Group in the second quarter worth about $39,000. Finally, Occudo Quantitative Strategies LP bought a new stake in KORE Group in the second quarter worth about $47,000. 34.88% of the stock is currently owned by hedge funds and other institutional investors.

KORE Group Stock Down 0.6 %

Shares of NYSE KORE opened at $1.64 on Friday. KORE Group has a 1 year low of $1.23 and a 1 year high of $6.52. The stock has a market capitalization of $125.03 million, a P/E ratio of -2.56 and a beta of 2.07. The company has a 50-day moving average price of $1.90 and a 200-day moving average price of $2.42. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.26 and a quick ratio of 2.09.

KORE Group (NYSE:KORE – Get Rating) last released its quarterly earnings results on Monday, November 14th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.08). KORE Group had a negative return on equity of 17.71% and a negative net margin of 17.41%. The firm had revenue of $66.64 million for the quarter, compared to analysts’ expectations of $64.44 million. On average, equities research analysts forecast that KORE Group will post -0.49 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Cowen decreased their price target on shares of KORE Group to $6.50 in a research note on Thursday, November 17th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of KORE Group from $5.00 to $4.00 in a report on Tuesday, November 15th. Finally, Morgan Stanley lifted their price objective on shares of KORE Group from $2.20 to $2.50 and gave the company an “equal weight” rating in a report on Tuesday, December 13th.

KORE Group Company Profile

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KORE Group Holdings, Inc provides Internet of Things (IoT) services and solutions worldwide. It offers connectivity, location-based, device solutions, and managed and professional services that are used in the development and support of IoT technology for the Machine-to-Machine market. The company provides Connectivity-as-a-Service; IoT solutions and analytics to fleet tracking companies; and asset monitoring, communications, and industrial IoT services.