Kardigan, Inc. (NASDAQ:KARD) Stock Short Interest Jumps 73.0%

Kardigan, Inc. (NASDAQ:KARD) saw a significant growth in short interest in the month of September. As of September 30th, there was short interest totaling 4,445,126 shares, a growth of 73.0% from the September 15th total of 2,568,799 shares. Currently, 4.8% of the company’s shares are short sold. Based on an average trading volume of 1,179,559 shares, the short-interest ratio is presently 3.8 days.

Kardigan Stock Performance

Kardigan stock traded down $0.85 during trading on Friday, reaching $13.03. The stock had a trading volume of 717,612 shares, compared to its average volume of 519,722. Kardigan has a 52-week low of $12.23 and a 52-week high of $27.00. The firm has a 50 day moving average of $17.90. The stock has a market capitalization of $1.22 billion and a PE ratio of -4.52.

Kardigan (NASDAQ:KARD) last issued its earnings results on Tuesday, August 11th. The company reported ($4.61) EPS for the quarter. As a group, sell-side analysts expect that Kardigan will post -3.41 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. UBS Group initiated coverage on shares of Kardigan in a report on Monday. They issued a “buy” rating and a $25.00 price objective on the stock. Leerink Partners initiated coverage on Kardigan in a research report on Monday, July 13th. They issued an “outperform” rating and a $37.00 target price for the company. JPMorgan Chase & Co. reduced their price target on shares of Kardigan from $51.00 to $46.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 25th. Zacks Research upgraded shares of Kardigan to a “hold” rating in a report on Wednesday, July 15th. Finally, Jefferies Financial Group assumed coverage on shares of Kardigan in a research note on Monday, July 13th. They set a “buy” rating and a $40.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.80.

Hedge Funds Weigh In On Kardigan

Several hedge funds have recently added to or reduced their stakes in KARD. Jupiter Topco LLC acquired a new position in shares of Kardigan in the 2nd quarter valued at $17,715,000. Montanova Capital LLC purchased a new stake in shares of Kardigan in the 2nd quarter valued at about $9,540,000. Bank of New York Mellon Corp purchased a new position in Kardigan during the 2nd quarter worth approximately $9,010,000. Braidwell LP acquired a new position in Kardigan during the second quarter worth approximately $7,155,000. Finally, Citadel Advisors LLC purchased a new stake in Kardigan in the second quarter valued at approximately $2,862,000.

About Kardigan