Kornit Digital Ltd. (KRNT) Upgraded to Hold at Zacks Investment Research
Kornit Digital Ltd. (NASDAQ:KRNT) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Kornit Digital, Ltd. is engaged in developing, manufacturing and marketing industrial and commercial printing solutions. The company offers a portfolio of direct to garment printers from entry level to mass production; NeoPigment ink solutions; roll to roll printers and pretereatment systems and software for the garment and textile printing industry. Kornit Digital, Ltd. is headquartered in Rosh-Ha`Ayin, Israel. “
Other equities research analysts have also recently issued research reports about the stock. Stifel Nicolaus decreased their target price on shares of Kornit Digital from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 3rd. Canaccord Genuity restated a “buy” rating and set a $20.00 target price on shares of Kornit Digital in a research note on Friday, June 10th. TheStreet upgraded shares of Kornit Digital from a “sell” rating to a “hold” rating in a research note on Monday, August 8th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $18.00 price objective on shares of Kornit Digital in a research report on Tuesday, July 5th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Kornit Digital presently has an average rating of “Buy” and an average target price of $16.00.
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Kornit Digital (NASDAQ:KRNT) traded up 4.08% during midday trading on Wednesday, reaching $9.96. 99,845 shares of the company were exchanged. The company has a 50-day moving average of $10.02 and a 200 day moving average of $9.96. The firm has a market capitalization of $303.52 million, a PE ratio of 77.81 and a beta of -0.11. Kornit Digital has a 52 week low of $8.10 and a 52 week high of $13.50.
Kornit Digital (NASDAQ:KRNT) last released its earnings results on Tuesday, August 2nd. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by $0.02. Kornit Digital had a return on equity of 4.54% and a net margin of 4.12%. The firm had revenue of $24 million for the quarter, compared to the consensus estimate of $24.53 million. During the same quarter in the previous year, the business posted $0.07 EPS. Kornit Digital’s revenue was up 12.7% on a year-over-year basis. Equities analysts predict that Kornit Digital will post $0.27 earnings per share for the current year.
Several hedge funds and other institutional investors have recently bought and sold shares of KRNT. Geode Capital Management LLC raised its position in Kornit Digital by 13.5% in the first quarter. Geode Capital Management LLC now owns 13,919 shares of the company’s stock worth $138,000 after buying an additional 1,651 shares during the period. Swiss National Bank raised its position in Kornit Digital by 72.3% in the second quarter. Swiss National Bank now owns 14,300 shares of the company’s stock worth $140,000 after buying an additional 6,000 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in Kornit Digital by 69.1% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 18,826 shares of the company’s stock worth $187,000 after buying an additional 7,692 shares during the period. Kornitzer Capital Management Inc. KS acquired a new position in Kornit Digital during the second quarter worth $344,000. Finally, Ameriprise Financial Inc. acquired a new position in Kornit Digital during the second quarter worth $801,000. 27.45% of the stock is owned by hedge funds and other institutional investors.
About Kornit Digital
Kornit Digital Ltd. develops, designs and markets digital printing solutions for the global printed textile industry. The Company’s solutions include its digital printing systems, ink and other consumables, associated software and value added services. Its customers include custom decorators, online businesses, brand owners and contract printers.
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