Kornit Digital Ltd. (NASDAQ:KRNT) Receives Average Rating of “Hold” from Brokerages

Shares of Kornit Digital Ltd. (NASDAQ:KRNT) have received an average recommendation of “Hold” from the six research firms that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have given a hold recommendation and two have given a buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $21.50.

Several research analysts have weighed in on KRNT shares. Morgan Stanley boosted their price objective on Kornit Digital from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 13th. Needham & Company LLC lifted their target price on Kornit Digital from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Zacks Research raised shares of Kornit Digital from a “strong sell” rating to a “hold” rating in a report on Monday, August 24th. Finally, Weiss Ratings upgraded shares of Kornit Digital from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday.

Kornit Digital Stock Performance

Shares of NASDAQ:KRNT opened at $17.49 on Friday. Kornit Digital has a 52-week low of $11.93 and a 52-week high of $19.78. The business’s 50 day simple moving average is $16.29 and its two-hundred day simple moving average is $15.81. The firm has a market cap of $751.55 million, a P/E ratio of -36.44 and a beta of 1.85.

Kornit Digital (NASDAQ:KRNT) last issued its quarterly earnings data on Wednesday, August 12th. The industrial products company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.05. The firm had revenue of $55.32 million during the quarter, compared to analysts’ expectations of $52.80 million. Kornit Digital had a negative net margin of 9.42% and a negative return on equity of 1.00%. The business’s revenue was up 11.1% on a year-over-year basis. During the same period last year, the company earned $0.03 earnings per share. On average, equities analysts forecast that Kornit Digital will post -0.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in KRNT. Lone Peak Global Investors LLC boosted its stake in Kornit Digital by 2.6% in the 2nd quarter. Lone Peak Global Investors LLC now owns 36,069 shares of the industrial products company’s stock worth $586,000 after purchasing an additional 908 shares during the period. Clifford Capital Partners LLC raised its position in shares of Kornit Digital by 29.7% during the fourth quarter. Clifford Capital Partners LLC now owns 30,588 shares of the industrial products company’s stock valued at $440,000 after buying an additional 7,007 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Kornit Digital in the second quarter worth $224,000. Amundi bought a new position in shares of Kornit Digital during the first quarter worth $214,000. Finally, Engineers Gate Manager LP bought a new position in shares of Kornit Digital during the second quarter worth $300,000. Institutional investors own 92.76% of the company’s stock.

About Kornit Digital

Kornit Digital Ltd. (NASDAQ: KRNT) develops and manufactures digital printing systems, inks, software and related solutions for the textile, apparel and other printed-product markets. Its technologies are designed to enable on-demand, short-run and customized production, helping manufacturers and brands reduce reliance on traditional screen-printing and other analog processes.

The company’s product portfolio includes direct-to-garment, direct-to-fabric and digital decoration systems, as well as proprietary inks, workflow software and technical services.