Kornit Digital Ltd. (NASDAQ:KRNT) Sees Large Decline in Short Interest

Kornit Digital Ltd. (NASDAQ:KRNT - Get Free Report) was the recipient of a large drop in short interest in December. As of December 15th, there was short interest totalling 892,000 shares, a drop of 14.2% from the November 30th total of 1,040,000 shares. Based on an average daily volume of 364,400 shares, the days-to-cover ratio is presently 2.4 days.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Craig Hallum upped their price objective on shares of Kornit Digital from $27.00 to $33.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Needham & Company LLC increased their price target on Kornit Digital from $27.00 to $31.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Cantor Fitzgerald assumed coverage on Kornit Digital in a report on Tuesday, November 26th. They set an "overweight" rating and a $39.00 price objective on the stock. Morgan Stanley upped their target price on Kornit Digital from $33.00 to $38.00 and gave the company an "overweight" rating in a research note on Monday, December 16th. Finally, Barclays raised their price target on Kornit Digital from $21.00 to $26.00 and gave the stock an "equal weight" rating in a research note on Tuesday, October 1st. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Kornit Digital has a consensus rating of "Moderate Buy" and an average price target of $33.40.

Institutional Trading of Kornit Digital

A number of hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. grew its stake in Kornit Digital by 5.7% in the third quarter. JPMorgan Chase & Co. now owns 23,779 shares of the industrial products company's stock worth $614,000 after purchasing an additional 1,284 shares in the last quarter. Dudley & Shanley Inc. lifted its holdings in Kornit Digital by 25.3% during the 3rd quarter. Dudley & Shanley Inc. now owns 259,525 shares of the industrial products company's stock worth $6,705,000 after buying an additional 52,425 shares during the last quarter. Principal Financial Group Inc. acquired a new position in shares of Kornit Digital in the 3rd quarter worth approximately $934,000. B. Riley Wealth Advisors Inc. increased its holdings in shares of Kornit Digital by 3.6% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 18,111 shares of the industrial products company's stock valued at $468,000 after acquiring an additional 625 shares during the last quarter. Finally, Tidal Investments LLC raised its position in shares of Kornit Digital by 4.6% during the 3rd quarter. Tidal Investments LLC now owns 37,365 shares of the industrial products company's stock valued at $965,000 after acquiring an additional 1,651 shares in the last quarter. Hedge funds and other institutional investors own 92.76% of the company's stock.

Kornit Digital Stock Performance

Shares of KRNT traded down $0.36 during trading hours on Friday, hitting $31.73. The stock had a trading volume of 199,801 shares, compared to its average volume of 358,777. Kornit Digital has a 12-month low of $13.59 and a 12-month high of $34.28. The firm has a market cap of $1.51 billion, a P/E ratio of -36.06 and a beta of 2.01. The company's fifty day simple moving average is $29.77 and its 200 day simple moving average is $22.70.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The industrial products company reported $0.11 EPS for the quarter, topping analysts' consensus estimates of $0.07 by $0.04. The company had revenue of $50.73 million for the quarter, compared to the consensus estimate of $50.44 million. Kornit Digital had a negative return on equity of 2.17% and a negative net margin of 21.00%. The company's quarterly revenue was down 14.3% compared to the same quarter last year. During the same period last year, the business posted ($0.17) EPS. As a group, sell-side analysts predict that Kornit Digital will post -0.22 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.