KORE Group Holdings, Inc. (NYSE:KORE) Sees Large Increase in Short Interest

KORE Group Holdings, Inc. (NYSE:KORE – Get Rating) was the recipient of a large growth in short interest in the month of June. As of June 15th, there was short interest totalling 117,300 shares, a growth of 19.8% from the May 31st total of 97,900 shares. Based on an average trading volume of 182,100 shares, the days-to-cover ratio is presently 0.6 days. Currently, 0.3% of the company’s stock are sold short.

Shares of KORE traded down $0.06 during mid-day trading on Tuesday, hitting $2.86. 2,225 shares of the company’s stock were exchanged, compared to its average volume of 327,864. The firm has a fifty day moving average of $4.01 and a two-hundred day moving average of $5.14. The company has a debt-to-equity ratio of 1.51, a quick ratio of 2.20 and a current ratio of 2.47. KORE Group has a twelve month low of $2.76 and a twelve month high of $9.50.

KORE Group (NYSE:KORE – Get Rating) last posted its earnings results on Monday, May 16th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.06). The business had revenue of $68.94 million during the quarter, compared to the consensus estimate of $62.47 million. Equities analysts expect that KORE Group will post -0.32 EPS for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the business. Qube Research & Technologies Ltd bought a new position in KORE Group in the 4th quarter worth $375,000. Northwestern Mutual Investment Management Company LLC bought a new position in shares of KORE Group in the fourth quarter worth about $8,153,000. Raymond James & Associates acquired a new position in shares of KORE Group during the 4th quarter worth about $71,000. Steward Partners Investment Advisory LLC bought a new stake in KORE Group during the 4th quarter valued at approximately $27,000. Finally, Owl Creek Asset Management L.P. acquired a new stake in KORE Group in the 4th quarter valued at approximately $3,033,000. 65.83% of the stock is owned by hedge funds and other institutional investors.

Several research analysts have weighed in on the stock. Morgan Stanley dropped their price objective on shares of KORE Group to $5.00 and set an “equal weight” rating on the stock in a research note on Tuesday, May 17th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of KORE Group from $7.50 to $6.00 in a research note on Tuesday, May 17th. Finally, Cowen reduced their price objective on KORE Group from $18.00 to $12.50 and set an “outperform” rating for the company in a research report on Thursday, March 10th.

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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