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Where Do Hedge Funds Stand On Kornit Digital Ltd. (KRNT)?

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The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. Insider Monkey finished processing 867 13F filings submitted by hedge funds and prominent investors. These filings show these funds' portfolio positions as of September 30th, 2021. What do these smart investors think about Kornit Digital Ltd. (NASDAQ:KRNT)?

Kornit Digital Ltd. (NASDAQ:KRNT) has experienced an increase in hedge fund interest in recent months. Kornit Digital Ltd. (NASDAQ:KRNT) was in 22 hedge funds' portfolios at the end of September. The all time high for this statistic is 24. Our calculations also showed that KRNT isn't among the 30 most popular stocks among hedge funds (click for Q2 rankings).

At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, lithium prices have more than doubled over the past year, so we go through lists like the 10 best EV stocks to pick the next Tesla that will deliver a 10x return. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. Now we're going to review the latest hedge fund action surrounding Kornit Digital Ltd. (NASDAQ:KRNT).

Michael Gelband of ExodusPoint Capital

Do Hedge Funds Think KRNT Is A Good Stock To Buy Now?

At the end of September, a total of 22 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 5% from the second quarter of 2021. Below, you can check out the change in hedge fund sentiment towards KRNT over the last 25 quarters. So, let's check out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.

Among these funds, Driehaus Capital held the most valuable stake in Kornit Digital Ltd. (NASDAQ:KRNT), which was worth $61.9 million at the end of the third quarter. On the second spot was Noked Capital which amassed $38.5 million worth of shares. Citadel Investment Group, ExodusPoint Capital, and G2 Investment Partners Management were also very fond of the stock, becoming one of the largest hedge fund holders of the company. In terms of the portfolio weights assigned to each position Noked Capital allocated the biggest weight to Kornit Digital Ltd. (NASDAQ:KRNT), around 9.05% of its 13F portfolio. G2 Investment Partners Management is also relatively very bullish on the stock, earmarking 3.54 percent of its 13F equity portfolio to KRNT.

As one would reasonably expect, some big names have jumped into Kornit Digital Ltd. (NASDAQ:KRNT) headfirst. LMR Partners, managed by Ben Levine, Andrew Manuel and Stefan Renold, initiated the most valuable position in Kornit Digital Ltd. (NASDAQ:KRNT). LMR Partners had $7 million invested in the company at the end of the quarter. Lee Ainslie's Maverick Capital also made a $0.7 million investment in the stock during the quarter. The only other fund with a brand new KRNT position is Dmitry Balyasny's Balyasny Asset Management.

Let's now review hedge fund activity in other stocks - not necessarily in the same industry as Kornit Digital Ltd. (NASDAQ:KRNT) but similarly valued. We will take a look at Sportradar Group AG (NASDAQ:SRAD), Fiverr International Ltd. (NYSE:FVRR), AngloGold Ashanti Limited (NYSE:AU), Exelixis, Inc. (NASDAQ:EXEL), Beyond Meat, Inc. (NASDAQ:BYND), Prosperity Bancshares, Inc. (NYSE:PB), and Digital Turbine Inc (NASDAQ:APPS). This group of stocks' market values resemble KRNT's market value.

[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position SRAD,30,158145,30 FVRR,29,520429,-1 AU,10,327927,-2 EXEL,30,896585,-3 BYND,16,114044,-1 PB,16,102630,0 APPS,19,209159,-11 Average,21.4,332703,1.7 [/table]

View table here if you experience formatting issues.

As you can see these stocks had an average of 21.4 hedge funds with bullish positions and the average amount invested in these stocks was $333 million. That figure was $288 million in KRNT's case. Sportradar Group AG (NASDAQ:SRAD) is the most popular stock in this table. On the other hand AngloGold Ashanti Limited (NYSE:AU) is the least popular one with only 10 bullish hedge fund positions. Kornit Digital Ltd. (NASDAQ:KRNT) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for KRNT is 63.5. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. This is a slightly positive signal but we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed that top 5 most popular stocks among hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 29.6% in 2021 and beat the market again by 3.6 percentage points. Unfortunately KRNT wasn't nearly as popular as these 5 stocks and hedge funds that were betting on KRNT were disappointed as the stock returned 5.2% since the end of September (through 12/31) and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 5 most popular stocks among hedge funds as many of these stocks already outperformed the market since 2019.

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Disclosure: None. This article was originally published at Insider Monkey.