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

Kornit Digital Ltd. (NASDAQ:KRNT) was the recipient of a large growth in short interest in the month of March. As of March 13th, there was short interest totaling 1,102,192 shares, a growth of 26.1% from the February 26th total of 874,090 shares. Currently, 2.5% of the shares of the company are short sold. Based on an average daily volume of 273,781 shares, the short-interest ratio is presently 4.0 days.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on KRNT shares. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 target price on shares of Kornit Digital in a report on Wednesday, February 11th. Morgan Stanley reissued a “positive” rating and set a $17.00 price target on shares of Kornit Digital in a research report on Wednesday, February 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Kornit Digital in a research note on Wednesday, March 25th. Finally, Wall Street Zen raised Kornit Digital from a “sell” rating to a “hold” rating in a report on Saturday, March 7th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $20.25.

Kornit Digital Trading Up 1.9%

Kornit Digital stock traded up $0.28 during trading hours on Tuesday, reaching $14.66. 1,102,155 shares of the stock were exchanged, compared to its average volume of 393,370. Kornit Digital has a twelve month low of $11.93 and a twelve month high of $23.48. The company has a market cap of $656.62 million, a P/E ratio of -47.29 and a beta of 1.79. The stock has a 50 day moving average of $14.66 and a two-hundred day moving average of $14.17.

Kornit Digital (NASDAQ:KRNT) last issued its earnings results on Wednesday, February 11th. The industrial products company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.14 by $0.04. Kornit Digital had a negative net margin of 6.49% and a negative return on equity of 1.07%. The company had revenue of $58.86 million during the quarter, compared to analysts’ expectations of $58.16 million. During the same period in the previous year, the company earned $0.18 EPS. The business’s revenue for the quarter was down 3.0% compared to the same quarter last year. On average, analysts expect that Kornit Digital will post -0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Kornit Digital

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Senvest Management LLC increased its stake in shares of Kornit Digital by 4.1% in the 4th quarter. Senvest Management LLC now owns 4,141,355 shares of the industrial products company’s stock valued at $59,553,000 after purchasing an additional 162,100 shares during the last quarter. Morgan Stanley lifted its position in shares of Kornit Digital by 26.5% during the 4th quarter. Morgan Stanley now owns 3,998,548 shares of the industrial products company’s stock worth $57,499,000 after buying an additional 838,814 shares during the last quarter. Artisan Partners Limited Partnership lifted its position in shares of Kornit Digital by 32.6% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,647,804 shares of the industrial products company’s stock worth $38,075,000 after buying an additional 650,283 shares during the last quarter. Granahan Investment Management LLC boosted its stake in Kornit Digital by 31.4% in the fourth quarter. Granahan Investment Management LLC now owns 2,569,663 shares of the industrial products company’s stock valued at $36,952,000 after buying an additional 614,513 shares in the last quarter. Finally, Hood River Capital Management LLC boosted its stake in Kornit Digital by 39.1% in the second quarter. Hood River Capital Management LLC now owns 2,182,569 shares of the industrial products company’s stock valued at $43,455,000 after buying an additional 613,070 shares in the last quarter. 92.76% of the stock is currently owned by institutional investors.

About Kornit Digital

Kornit Digital Ltd. (NASDAQ: KRNT) is a global technology company specializing in digital textile printing solutions. Headquartered in Rosh Ha’Ayin, Israel, Kornit develops and manufactures an integrated ecosystem of industrial inkjet printers, proprietary NeoPigment inks and pretreatment systems. Its product portfolio addresses a range of applications including direct-to-garment, direct-to-fabric, digital embellishment and hybrid manufacturing, enabling businesses to produce custom apparel, sportswear, fashion and home textiles on demand.

The company’s flagship offerings include the Avalanche and Atlas series for high-volume production, as well as the Storm and Helix lines designed for mid-to-large scale operations.