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

Kornit Digital Ltd. (NASDAQ:KRNT) was the target of a large decrease in short interest in the month of March. As of March 31st, there was short interest totaling 809,952 shares, a decrease of 26.5% from the March 15th total of 1,102,192 shares. Based on an average daily volume of 534,456 shares, the days-to-cover ratio is presently 1.5 days. Approximately 1.8% of the shares of the stock are sold short.

Hedge Funds Weigh In On Kornit Digital

Several institutional investors have recently made changes to their positions in KRNT. Medina Value Partners LLC purchased a new position in shares of Kornit Digital during the third quarter valued at $12,732,000. Invenomic Capital Management LP increased its stake in shares of Kornit Digital by 196.9% during the fourth quarter. Invenomic Capital Management LP now owns 1,397,950 shares of the industrial products company’s stock valued at $20,103,000 after buying an additional 927,169 shares during the period. Morgan Stanley increased its stake in shares of Kornit Digital by 26.5% during the fourth quarter. Morgan Stanley now owns 3,998,548 shares of the industrial products company’s stock valued at $57,499,000 after buying an additional 838,814 shares during the period. Artisan Partners Limited Partnership increased its stake in shares of Kornit Digital by 32.6% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,647,804 shares of the industrial products company’s stock valued at $38,075,000 after buying an additional 650,283 shares during the period. Finally, Dudley & Shanley Inc. increased its stake in shares of Kornit Digital by 97.5% during the third quarter. Dudley & Shanley Inc. now owns 1,258,895 shares of the industrial products company’s stock valued at $16,995,000 after buying an additional 621,595 shares during the period. Hedge funds and other institutional investors own 92.76% of the company’s stock.

Kornit Digital Stock Performance

KRNT stock traded down $0.01 during midday trading on Wednesday, reaching $16.12. The company’s stock had a trading volume of 333,174 shares, compared to its average volume of 426,046. The stock has a fifty day simple moving average of $15.12 and a two-hundred day simple moving average of $14.26. Kornit Digital has a 1 year low of $11.93 and a 1 year high of $23.48. The firm has a market capitalization of $722.01 million, a price-to-earnings ratio of -52.00 and a beta of 1.79.

Kornit Digital (NASDAQ:KRNT) last released its earnings results on Wednesday, February 11th. The industrial products company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.04. Kornit Digital had a negative return on equity of 1.07% and a negative net margin of 6.49%.The business had revenue of $58.86 million for the quarter, compared to analyst estimates of $58.16 million. During the same quarter last year, the firm posted $0.18 earnings per share. The business’s revenue was down 3.0% compared to the same quarter last year. As a group, analysts forecast that Kornit Digital will post -0.2 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on KRNT. Weiss Ratings restated a “sell (d-)” rating on shares of Kornit Digital in a research note on Wednesday, March 25th. Morgan Stanley restated a “positive” rating and set a $17.00 price target on shares of Kornit Digital in a report on Wednesday, February 11th. Wall Street Zen upgraded Kornit Digital from a “sell” rating to a “hold” rating in a research note on Sunday. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $20.00 target price on shares of Kornit Digital in a research note on Wednesday, February 11th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $20.25.

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.