Kardigan, Inc. (NASDAQ:KARD) Stock Short Interest Rises 73.0%

Kardigan, Inc. (NASDAQ:KARD) was the recipient of a large growth in short interest in the month of September. As of September 30th, there was short interest totaling 4,445,126 shares, a growth of 73.0% from the September 15th total of 2,568,799 shares. Currently, 4.8% of the shares of the company are short sold. Based on an average daily trading volume, of 1,179,559 shares, the days-to-cover ratio is presently 3.8 days.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of KARD. Legal & General Group Plc purchased a new stake in Kardigan in the 2nd quarter worth $119,000. Squarepoint Ops LLC bought a new stake in Kardigan during the second quarter valued at about $247,000. Alyeska Investment Group L.P. purchased a new position in shares of Kardigan in the second quarter valued at about $716,000. Bank of America Corp DE purchased a new position in shares of Kardigan in the second quarter valued at about $1,283,000. Finally, Citadel Advisors LLC purchased a new position in shares of Kardigan in the second quarter valued at about $2,862,000.

Kardigan Trading Down 0.3%

NASDAQ:KARD traded down $0.04 during trading hours on Thursday, hitting $13.48. 205,469 shares of the stock traded hands, compared to its average volume of 511,608. Kardigan has a 1 year low of $12.23 and a 1 year high of $27.00. The stock has a market capitalization of $1.26 billion and a P/E ratio of -4.68. The firm has a 50 day moving average of $18.18.

Kardigan (NASDAQ:KARD) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($4.61) earnings per share for the quarter. As a group, research analysts forecast that Kardigan will post -3.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on KARD shares. Zacks Research upgraded Kardigan to a “hold” rating in a research note on Wednesday, July 15th. Weiss Ratings assumed coverage on Kardigan in a report on Monday, September 14th. They issued a “sell (d)” rating for the company. Jefferies Financial Group started coverage on Kardigan in a report on Monday, July 13th. They issued a “buy” rating and a $40.00 price objective for the company. TD Cowen assumed coverage on Kardigan in a research report on Monday, July 13th. They set a “buy” rating and a $46.00 price objective for the company. Finally, JPMorgan Chase & Co. reduced their price objective on Kardigan from $51.00 to $46.00 and set an “overweight” rating for the company in a research report on Tuesday, August 25th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $38.80.

Kardigan Company Profile