KORE Group Holdings, Inc. (NYSE:KORE) Sees Significant Growth in Short Interest

KORE Group Holdings, Inc. (NYSE:KORE – Get Rating) was the recipient of a large increase in short interest in December. As of December 30th, there was short interest totalling 487,000 shares, an increase of 29.6% from the December 15th total of 375,700 shares. Currently, 1.2% of the shares of the company are short sold. Based on an average daily volume of 122,300 shares, the short-interest ratio is presently 4.0 days.

Analysts Set New Price Targets

A number of research analysts have issued reports on KORE shares. Morgan Stanley increased their target price on shares of KORE Group from $2.20 to $2.50 and gave the stock an “equal weight” rating in a research report on Tuesday, December 13th. Cowen decreased their target price on shares of KORE Group to $6.50 in a research report on Thursday, November 17th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of KORE Group from $5.00 to $4.00 in a research report on Tuesday, November 15th.

KORE Group Stock Performance

NYSE KORE opened at $1.64 on Friday. The company has a current ratio of 2.26, a quick ratio of 2.09 and a debt-to-equity ratio of 1.65. The firm has a market capitalization of $125.03 million, a price-to-earnings ratio of -2.56 and a beta of 2.07. The firm’s 50 day simple moving average is $1.90 and its 200 day simple moving average is $2.42. KORE Group has a 1 year low of $1.23 and a 1 year high of $6.52.

KORE Group (NYSE:KORE – Get Rating) last posted its quarterly earnings results on Monday, November 14th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.08). The firm had revenue of $66.64 million for the quarter, compared to analyst estimates of $64.44 million. KORE Group had a negative return on equity of 17.71% and a negative net margin of 17.41%. As a group, research analysts expect that KORE Group will post -0.49 earnings per share for the current fiscal year.

Institutional Trading of KORE Group

Several large investors have recently made changes to their positions in the company. State Street Corp boosted its position in KORE Group by 580.0% in the second quarter. State Street Corp now owns 360,156 shares of the company’s stock valued at $1,106,000 after buying an additional 307,192 shares in the last quarter. Northern Trust Corp boosted its position in KORE Group by 400.4% in the second quarter. Northern Trust Corp now owns 282,716 shares of the company’s stock valued at $868,000 after buying an additional 226,219 shares in the last quarter. Vanguard Group Inc. boosted its position in KORE Group by 6.1% in the third quarter. Vanguard Group Inc. now owns 1,400,069 shares of the company’s stock valued at $2,674,000 after buying an additional 80,217 shares in the last quarter. Rhumbline Advisers acquired a new stake in KORE Group in the second quarter valued at approximately $157,000. Finally, Renaissance Technologies LLC acquired a new stake in KORE Group in the second quarter valued at approximately $73,000. Institutional investors and hedge funds own 34.88% of the company’s stock.

About KORE Group

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KORE Group Holdings, Inc provides Internet of Things (IoT) services and solutions worldwide. It offers connectivity, location-based, device solutions, and managed and professional services that are used in the development and support of IoT technology for the Machine-to-Machine market. The company provides Connectivity-as-a-Service; IoT solutions and analytics to fleet tracking companies; and asset monitoring, communications, and industrial IoT services.