Kornit Digital (NASDAQ:KRNT) Upgraded by Zacks Research to “Hold” Rating

Kornit Digital (NASDAQ:KRNT) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

Several other equities research analysts also recently weighed in on KRNT. Morgan Stanley upped their target price on shares of Kornit Digital from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 13th. Weiss Ratings cut Kornit Digital from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, August 12th. Finally, Needham & Company LLC boosted 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. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $21.50.

Kornit Digital Price Performance

Shares of Kornit Digital stock opened at $16.74 on Monday. The stock has a market capitalization of $719.32 million, a price-to-earnings ratio of -34.88 and a beta of 1.72. The business has a 50-day moving average of $16.14 and a 200 day moving average of $15.65. Kornit Digital has a 12 month low of $11.93 and a 12 month high of $19.78.

Kornit Digital (NASDAQ:KRNT) last issued its quarterly earnings results on Wednesday, August 12th. The industrial products company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.05. Kornit Digital had a negative net margin of 9.42% and a negative return on equity of 1.00%. The business had revenue of $55.32 million for the quarter, compared to analysts’ expectations of $52.80 million. During the same quarter in the prior year, the company earned $0.03 earnings per share. The business’s quarterly revenue was up 11.1% on a year-over-year basis. Equities research analysts anticipate that Kornit Digital will post -0.23 earnings per share for the current year.

Institutional Trading of Kornit Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in KRNT. CIBC Private Wealth Group LLC increased its holdings in shares of Kornit Digital by 1,359.8% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,927 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 1,795 shares during the period. Johnson Financial Group Inc. acquired a new stake in shares of Kornit Digital in the 3rd quarter worth $27,000. Raymond James Financial Inc. acquired a new stake in shares of Kornit Digital in the 2nd quarter worth $31,000. State of Tennessee Department of Treasury purchased a new stake in shares of Kornit Digital in the second quarter valued at about $35,000. Finally, Quadrature Capital Ltd purchased a new stake in shares of Kornit Digital in the fourth quarter valued at about $144,000. Institutional investors and hedge funds own 92.76% of the company’s stock.

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.