KORE Group Holdings, Inc. (NYSE:KORE) Short Interest Down 50.5% in May

KORE Group Holdings, Inc. (NYSE:KORE) was the recipient of a significant drop in short interest in May. As of May 15th, there was short interest totaling 127,932 shares, a drop of 50.5% from the April 30th total of 258,328 shares. Based on an average daily trading volume, of 20,794 shares, the days-to-cover ratio is presently 6.2 days. Approximately 1.1% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of KORE Group in a research note on Friday, March 27th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $5.00.

KORE Group Trading Down 0.1%

KORE traded down $0.01 on Wednesday, hitting $9.19. 15,752 shares of the company were exchanged, compared to its average volume of 84,828. KORE Group has a twelve month low of $2.00 and a twelve month high of $9.22. The company has a market cap of $161.56 million, a price-to-earnings ratio of -2.38 and a beta of 1.46. The firm has a 50-day moving average price of $9.13 and a two-hundred day moving average price of $6.66.

KORE Group (NYSE:KORE) last announced its quarterly earnings results on Monday, May 11th. The company reported ($1.43) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($1.01). The business had revenue of $65.82 million during the quarter, compared to the consensus estimate of $72.20 million. Equities analysts expect that KORE Group will post -1.36 EPS for the current year.

Institutional Trading of KORE Group

A number of institutional investors have recently bought and sold shares of the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in shares of KORE Group in the 1st quarter valued at about $902,000. Renaissance Technologies LLC lifted its holdings in shares of KORE Group by 151.0% in the 1st quarter. Renaissance Technologies LLC now owns 88,941 shares of the company’s stock valued at $802,000 after purchasing an additional 53,500 shares during the last quarter. One68 Global Capital LLC purchased a new stake in shares of KORE Group in the 4th quarter valued at about $59,000. Citadel Advisors LLC purchased a new stake in shares of KORE Group in the 3rd quarter valued at about $30,000. Finally, State Street Corp lifted its holdings in shares of KORE Group by 23.2% in the 4th quarter. State Street Corp now owns 29,217 shares of the company’s stock valued at $123,000 after purchasing an additional 5,500 shares during the last quarter. 57.45% of the stock is owned by hedge funds and other institutional investors.

KORE Group Company Profile

KORE Group (NYSE: KORE) is a global provider of Internet of Things (IoT) connectivity and managed services, helping enterprises deploy, secure and scale their IoT applications. The company offers a comprehensive suite of solutions that includes cellular, satellite and Low-Power Wide-Area Network (LPWAN) connectivity, multi-network SIM management, eSIM provisioning and cloud-based IoT platforms. Through its unified approach, KORE enables businesses to streamline the complexities of device onboarding, monitoring and lifecycle management across diverse geographies.

Founded in 2002 and headquartered in Atlanta, Georgia, KORE has grown through a combination of organic innovation and strategic acquisitions to become one of the world’s largest independent IoT service providers.