Medina Value Partners LLC Buys New Shares in Kornit Digital Ltd. $KRNT

Medina Value Partners LLC purchased a new position in shares of Kornit Digital Ltd. (NASDAQ:KRNT) in the 3rd quarter, Holdings Channel.com reports. The fund purchased 943,084 shares of the industrial products company’s stock, valued at approximately $12,732,000. Kornit Digital comprises about 3.0% of Medina Value Partners LLC’s portfolio, making the stock its 18th largest position.

Several other institutional investors and hedge funds have also modified their holdings of the business. Hood River Capital Management LLC increased its position in Kornit Digital by 39.1% in the second quarter. Hood River Capital Management LLC now owns 2,182,569 shares of the industrial products company’s stock worth $43,455,000 after purchasing an additional 613,070 shares during the last quarter. Dudley & Shanley Inc. increased its position in shares of Kornit Digital by 97.5% during the third quarter. Dudley & Shanley Inc. now owns 1,258,895 shares of the industrial products company’s stock worth $16,995,000 after acquiring an additional 621,595 shares in the last quarter. Schroder Investment Management Group grew its position in Kornit Digital by 3.4% during the third quarter. Schroder Investment Management Group now owns 1,082,237 shares of the industrial products company’s stock valued at $14,621,000 after buying an additional 35,348 shares during the period. Thompson Investment Management Inc. increased its stake in shares of Kornit Digital by 169.5% in the 3rd quarter. Thompson Investment Management Inc. now owns 789,761 shares of the industrial products company’s stock worth $10,662,000 after purchasing an additional 496,754 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of Kornit Digital by 79.9% during the second quarter. Arrowstreet Capital Limited Partnership now owns 557,873 shares of the industrial products company’s stock worth $11,107,000 after purchasing an additional 247,763 shares in the last quarter. 92.76% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

KRNT has been the topic of a number of analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 target price on shares of Kornit Digital in a research report on Wednesday, February 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Kornit Digital in a report on Friday, December 26th. Morgan Stanley reissued a “positive” rating and issued a $17.00 price objective on shares of Kornit Digital in a report on Wednesday, February 11th. Finally, Wall Street Zen raised Kornit Digital from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $20.25.

Kornit Digital Price Performance

NASDAQ:KRNT opened at $14.13 on Friday. Kornit Digital Ltd. has a 1 year low of $11.93 and a 1 year high of $23.48. The stock’s fifty day moving average price is $14.69 and its two-hundred day moving average price is $14.23. The company has a market cap of $632.84 million, a P/E ratio of -45.58 and a beta of 1.79.

Kornit Digital (NASDAQ:KRNT) last issued its quarterly earnings data on Wednesday, February 11th. The industrial products company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.04. The company had revenue of $58.86 million for the quarter, compared to the consensus estimate of $58.16 million. Kornit Digital had a negative return on equity of 1.07% and a negative net margin of 6.49%.The firm’s revenue for the quarter was down 3.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.18 earnings per share. On average, analysts expect that Kornit Digital Ltd. will post -0.2 earnings per share for the current fiscal year.

Kornit Digital declared that its Board of Directors has initiated a stock repurchase plan on Monday, November 17th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the industrial products company to buy up to 17.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Kornit Digital Profile

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.