Short Interest in Kornit Digital Ltd. (NASDAQ:KRNT) Decreases By 13.7%

Kornit Digital Ltd. (NASDAQ:KRNT) was the recipient of a significant drop in short interest in the month of March. As of March 31st, there was short interest totalling 974,800 shares, a drop 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 Up 0.5 %

Shares of KRNT stock opened at $15.98 on Tuesday. The stock has a 50-day moving average price of $17.78 and a 200 day moving average price of $17.43. The firm has a market cap of $762.89 million, a price-to-earnings ratio of -12.11 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) last released its earnings results on Wednesday, February 14th. The industrial products company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.08. Kornit Digital had a negative return on equity of 5.05% and a negative net margin of 29.28%. The firm had revenue of $56.59 million for the quarter, compared to analysts’ expectations of $57.35 million. Sell-side analysts predict that Kornit Digital will post -0.28 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, StockNews.com raised Kornit Digital from a “sell” rating to a “hold” rating in a report on Thursday, April 11th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quarry LP boosted its stake in shares of Kornit Digital by 357.9% during the first 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 in the last quarter. Ensign Peak Advisors Inc purchased a new position in Kornit Digital in the first quarter worth $107,000. Tower Research Capital LLC TRC purchased a new position in Kornit Digital in the third quarter worth $39,000. Allworth Financial LP lifted its position in shares of 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 buying an additional 1,573 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in shares of Kornit Digital during the 3rd quarter valued at $58,000. 92.76% of the stock is owned by institutional investors and hedge funds.

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.