Kornit Digital Ltd. (KRNT) Receives Consensus Recommendation of “Hold” from Analysts
Kornit Digital Ltd. (NASDAQ:KRNT) has been assigned a consensus recommendation of “Hold” from the nine brokerages that are currently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $18.83.
KRNT has been the subject of several research reports. Craig Hallum initiated coverage on Kornit Digital in a report on Tuesday, July 11th. They set a “buy” rating and a $26.00 price objective for the company. Zacks Investment Research raised Kornit Digital from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. BidaskClub cut Kornit Digital from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Canaccord Genuity reaffirmed a “buy” rating and set a $24.00 price objective on shares of Kornit Digital in a report on Tuesday, August 8th. Finally, Citigroup Inc. cut Kornit Digital from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $21.50 to $14.00 in a report on Wednesday, September 27th.
Kornit Digital (NASDAQ KRNT) traded up 1.66% on Wednesday, reaching $15.35. The company had a trading volume of 138,047 shares. Kornit Digital has a 52-week low of $9.00 and a 52-week high of $23.15. The company’s 50-day moving average is $16.42 and its 200-day moving average is $16.42. The company’s market capitalization is $517.83 million.
Kornit Digital (NASDAQ:KRNT) last issued its quarterly earnings data on Monday, August 7th. The industrial products company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.04. The firm had revenue of $28.59 million during the quarter, compared to analysts’ expectations of $29.81 million. Kornit Digital had a positive return on equity of 7.05% and a negative net margin of 0.29%. Kornit Digital’s revenue was up 19.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.02 earnings per share. Equities analysts anticipate that Kornit Digital will post $0.18 EPS for the current fiscal year.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. AWM Investment Company Inc. raised its holdings in shares of Kornit Digital by 75.8% in the second quarter. AWM Investment Company Inc. now owns 350,098 shares of the industrial products company’s stock worth $6,774,000 after acquiring an additional 150,921 shares during the last quarter. Wasatch Advisors Inc. acquired a new position in shares of Kornit Digital in the second quarter worth $8,604,000. BlueCrest Capital Management Ltd acquired a new position in shares of Kornit Digital in the second quarter worth $198,000. State Street Corp raised its holdings in shares of Kornit Digital by 75.7% in the second quarter. State Street Corp now owns 89,769 shares of the industrial products company’s stock worth $1,738,000 after acquiring an additional 38,678 shares during the last quarter. Finally, ETF Managers Group LLC acquired a new position in shares of Kornit Digital in the second quarter worth $211,000. 73.33% of the stock is owned by 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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