Kornit Digital Ltd. (NASDAQ:KRNT) Short Interest Down 26.4% in February

Kornit Digital Ltd. (NASDAQ:KRNT) was the target of a large drop in short interest in February. As of February 28th, there was short interest totalling 715,400 shares, a drop of 26.4% from the February 13th total of 971,900 shares. Based on an average trading volume of 281,300 shares, the short-interest ratio is currently 2.5 days. Approximately 1.5% of the company’s stock are short sold.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio acquired a new position in shares of Kornit Digital in the fourth quarter valued at approximately $399,000. Castleark Management LLC acquired a new position in shares of Kornit Digital in the fourth quarter valued at approximately $4,200,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Kornit Digital by 11.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 115,695 shares of the industrial products company’s stock valued at $3,581,000 after purchasing an additional 11,496 shares during the period. Shellback Capital LP acquired a new position in shares of Kornit Digital in the fourth quarter valued at approximately $319,000. Finally, Pathstone Holdings LLC increased its holdings in shares of Kornit Digital by 0.8% in the fourth quarter. Pathstone Holdings LLC now owns 859,668 shares of the industrial products company’s stock valued at $26,607,000 after purchasing an additional 6,503 shares during the period. Institutional investors and hedge funds own 92.76% of the company’s stock.

Kornit Digital Stock Up 4.1 %

KRNT traded up $0.90 during trading on Friday, hitting $22.67. 400,644 shares of the stock were exchanged, compared to its average volume of 302,281. The firm has a market capitalization of $1.08 billion, a P/E ratio of -64.77 and a beta of 2.12. Kornit Digital has a 1-year low of $13.59 and a 1-year high of $34.29. The stock has a fifty day moving average price of $27.27 and a two-hundred day moving average price of $27.13.

Kornit Digital (NASDAQ:KRNT) last released its quarterly earnings results on Wednesday, February 12th. The industrial products company reported $0.07 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.14). Kornit Digital had a negative return on equity of 1.51% and a negative net margin of 8.24%. Analysts predict that Kornit Digital will post -0.2 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Needham & Company LLC raised their target price on Kornit Digital from $31.00 to $34.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Morgan Stanley raised their target price on Kornit Digital from $33.00 to $38.00 and gave the stock an “overweight” rating in a research report on Monday, December 16th. Finally, Cantor Fitzgerald raised Kornit Digital to a “strong-buy” rating in a research report on Thursday, February 27th. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Kornit Digital presently has an average rating of “Moderate Buy” and a consensus price target of $34.00.

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.