KORE Group Holdings, Inc. (NYSE:KORE – Get Rating) saw a large decline in short interest in the month of April. As of April 30th, there was short interest totalling 175,500 shares, a decline of 55.9% from the April 15th total of 397,600 shares. Approximately 0.4% of the company’s shares are short sold. Based on an average daily trading volume, of 105,700 shares, the days-to-cover ratio is presently 1.7 days.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in KORE. Liberty Mutual Group Asset Management Inc. purchased a new position in shares of KORE Group during the 4th quarter worth approximately $10,068,000. Northwestern Mutual Investment Management Company LLC bought a new position in KORE Group in the 4th quarter worth $8,153,000. Philosophy Capital Management LLC purchased a new stake in KORE Group in the 4th quarter worth $4,210,000. Owl Creek Asset Management L.P. purchased a new stake in KORE Group in the 4th quarter worth $3,033,000. Finally, Rubric Capital Management LP purchased a new position in shares of KORE Group during the fourth quarter valued at about $3,006,000. 65.83% of the stock is owned by institutional investors and hedge funds.
Several research firms have commented on KORE. Cowen cut their target price on KORE Group from $18.00 to $12.50 and set an “outperform” rating on the stock in a research note on Thursday, March 10th. Roth Capital started coverage on KORE Group in a report on Thursday, January 20th. They set a “buy” rating and a $13.00 target price on the stock. Morgan Stanley decreased their price objective on KORE Group from $7.50 to $6.50 and set an “equal weight” rating on the stock in a report on Tuesday, April 12th. Finally, Zacks Investment Research downgraded KORE Group from a “buy” rating to a “hold” rating in a research report on Wednesday, April 13th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, KORE Group presently has a consensus rating of “Hold” and an average target price of $9.35.
KORE Group (NYSE:KORE – Get Rating) last posted its earnings results on Tuesday, March 29th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.07). The company had revenue of $64.30 million during the quarter, compared to analyst estimates of $58.20 million. As a group, analysts anticipate that KORE Group will post -0.28 earnings per share for the current year.
KORE Group Company Profile (Get Rating)
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.
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