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

Kornit Digital Ltd. (NASDAQ:KRNT - Get Free Report) saw a significant decline in short interest during the month of November. As of November 30th, there was short interest totalling 1,040,000 shares, a decline of 29.3% from the November 15th total of 1,470,000 shares. Based on an average trading volume of 395,200 shares, the days-to-cover ratio is currently 2.6 days.

Kornit Digital Stock Down 1.2 %

Shares of NASDAQ:KRNT traded down $0.40 during trading on Friday, hitting $32.10. 272,549 shares of the stock traded hands, compared to its average volume of 362,503. The company has a fifty day moving average price of $28.24 and a two-hundred day moving average price of $21.38. Kornit Digital has a 52-week low of $13.59 and a 52-week high of $33.31. The company has a market cap of $1.53 billion, a price-to-earnings ratio of -36.48 and a beta of 2.01.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The industrial products company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.04. Kornit Digital had a negative return on equity of 2.17% and a negative net margin of 21.00%. The firm had revenue of $50.73 million during the quarter, compared to analyst estimates of $50.44 million. During the same quarter in the previous year, the business earned ($0.17) EPS. Kornit Digital's revenue for the quarter was down 14.3% compared to the same quarter last year. On average, equities research analysts predict that Kornit Digital will post -0.22 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Morgan Stanley boosted their target price on shares of Kornit Digital from $20.00 to $26.00 and gave the company an "overweight" rating in a research note on Friday, September 13th. Cantor Fitzgerald began coverage on shares of Kornit Digital in a research report on Tuesday, November 26th. They set an "overweight" rating and a $39.00 target price on the stock. Craig Hallum increased their price target on Kornit Digital from $27.00 to $33.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Barclays raised their price target on Kornit Digital from $21.00 to $26.00 and gave the company an "equal weight" rating in a research note on Tuesday, October 1st. Finally, Needham & Company LLC upped their price objective on shares of Kornit Digital from $27.00 to $31.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $31.00.

Institutional Trading of Kornit Digital

Large investors have recently added to or reduced their stakes in the stock. nVerses Capital LLC acquired a new stake in Kornit Digital during the second quarter worth $40,000. Signaturefd LLC lifted its position in Kornit Digital by 29.4% in the second quarter. Signaturefd LLC now owns 3,428 shares of the industrial products company's stock valued at $50,000 after buying an additional 779 shares during the last quarter. Privium Fund Management B.V. purchased a new position in Kornit Digital during the second quarter worth about $159,000. Bank of New York Mellon Corp increased its position in shares of Kornit Digital by 8.0% during the second quarter. Bank of New York Mellon Corp now owns 16,029 shares of the industrial products company's stock valued at $235,000 after acquiring an additional 1,184 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. raised its stake in shares of Kornit Digital by 26.2% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 17,486 shares of the industrial products company's stock valued at $256,000 after acquiring an additional 3,633 shares during the period. 92.76% of the stock is currently owned by hedge funds and other institutional investors.

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. Its solutions include digital printing systems, ink and other consumables, associated software, and value-added services.

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