Kornit Digital (NASDAQ:KRNT) Cut to “Strong Sell” at Zacks Research

Kornit Digital (NASDAQ:KRNT) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Thursday,Zacks.com reports.

Several other research firms have also issued reports on KRNT. Needham & Company LLC lifted their target price on shares of Kornit Digital from $20.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, May 14th. Morgan Stanley increased their target price on Kornit Digital from $17.00 to $18.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 23rd. Finally, Wall Street Zen upgraded shares of Kornit Digital from a “sell” rating to a “hold” rating in a research note on Sunday, April 12th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $21.00.

Kornit Digital Stock Performance

Shares of KRNT stock opened at $15.22 on Thursday. The business’s 50 day moving average price is $15.74 and its 200-day moving average price is $15.26. Kornit Digital has a fifty-two week low of $11.93 and a fifty-two week high of $20.73. The firm has a market cap of $654.00 million, a P/E ratio of -39.03 and a beta of 1.73.

Kornit Digital (NASDAQ:KRNT) last issued its quarterly earnings data on Wednesday, May 13th. The industrial products company reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). Kornit Digital had a negative net margin of 7.93% and a negative return on equity of 1.15%. The business had revenue of $48.54 million during the quarter, compared to analyst estimates of $46.67 million. During the same period in the prior year, the business earned $0.01 EPS. The company’s revenue for the quarter was up 4.4% on a year-over-year basis. As a group, equities analysts predict that Kornit Digital will post -0.31 EPS for the current year.

Institutional Trading of Kornit Digital

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Baillie Gifford & Co. boosted its position in shares of Kornit Digital by 61.7% during the 4th quarter. Baillie Gifford & Co. now owns 1,565,079 shares of the industrial products company’s stock valued at $22,506,000 after acquiring an additional 597,128 shares during the last quarter. Invenomic Capital Management LP lifted its position in Kornit Digital by 196.9% in the fourth quarter. Invenomic Capital Management LP now owns 1,397,950 shares of the industrial products company’s stock worth $20,103,000 after buying an additional 927,169 shares during the last quarter. Granahan Investment Management LLC lifted its holdings in shares of Kornit Digital by 31.4% in the 4th quarter. Granahan Investment Management LLC now owns 2,569,663 shares of the industrial products company’s stock worth $36,952,000 after acquiring an additional 614,513 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Kornit Digital by 185.2% during the first quarter. Assenagon Asset Management S.A. now owns 1,292,586 shares of the industrial products company’s stock valued at $18,949,000 after buying an additional 839,336 shares during the last quarter. Finally, Headlands Technologies LLC increased its stake in Kornit Digital by 84.5% in the second quarter. Headlands Technologies LLC now owns 9,807 shares of the industrial products company’s stock worth $195,000 after purchasing an additional 4,491 shares during the period. 92.76% of the stock is currently owned by institutional investors.

About Kornit Digital

Kornit Digital Ltd. (NASDAQ: KRNT) is a global technology company specializing in digital textile printing solutions. Headquartered in Rosh Ha’Ayin, Israel, Kornit develops and manufactures an integrated ecosystem of industrial inkjet printers, proprietary NeoPigment inks and pretreatment systems. Its product portfolio addresses a range of applications including direct-to-garment, direct-to-fabric, digital embellishment and hybrid manufacturing, enabling businesses to produce custom apparel, sportswear, fashion and home textiles on demand.

The company’s flagship offerings include the Avalanche and Atlas series for high-volume production, as well as the Storm and Helix lines designed for mid-to-large scale operations.