Short Interest in Kornit Digital Ltd. (NASDAQ:KRNT) Decreases By 26.4%

Kornit Digital Ltd. (NASDAQ:KRNT - Get Free Report) was the target of a large 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. Based on an average daily trading volume, of 281,300 shares, the days-to-cover ratio is currently 2.5 days. Currently, 1.5% of the company's shares are sold short.

Institutional Trading of Kornit Digital

Several large investors have recently modified their holdings of KRNT. Principal Financial Group Inc. purchased a new position in Kornit Digital in the third quarter valued at about $934,000. Telemark Asset Management LLC acquired a new position in shares of Kornit Digital in the 3rd quarter valued at approximately $1,033,000. Loomis Sayles & Co. L P purchased a new position in shares of Kornit Digital during the 3rd quarter valued at approximately $8,887,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Kornit Digital by 88.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 104,199 shares of the industrial products company's stock worth $2,692,000 after buying an additional 48,993 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC increased its stake in shares of Kornit Digital by 6.9% in the third quarter. ArrowMark Colorado Holdings LLC now owns 373,000 shares of the industrial products company's stock worth $9,636,000 after buying an additional 24,000 shares during the last quarter. 92.76% of the stock is currently owned by institutional investors and hedge funds.

Kornit Digital Price Performance

Kornit Digital stock traded down $0.44 during midday trading on Thursday, hitting $21.43. 117,287 shares of the company were exchanged, compared to its average volume of 296,739. The company has a market cap of $1.02 billion, a PE ratio of -61.23 and a beta of 2.12. Kornit Digital has a fifty-two week low of $13.59 and a fifty-two week high of $34.29. The company's fifty day moving average price is $26.56 and its 200-day moving average price is $27.15.

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

Analyst Upgrades and Downgrades

A number of research firms have recently commented on KRNT. Needham & Company LLC raised their price objective on Kornit Digital from $31.00 to $34.00 and gave the stock a "buy" rating in a report on Wednesday, February 12th. Cantor Fitzgerald upgraded shares of Kornit Digital to a "strong-buy" rating in a report on Thursday, February 27th. Finally, Morgan Stanley boosted their price objective on shares of Kornit Digital from $33.00 to $38.00 and gave the stock an "overweight" rating in a research note on Monday, December 16th. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $34.00.

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.