Kornit Digital (NASDAQ:KRNT) Lowered to Sell Rating by Wall Street Zen

Kornit Digital (NASDAQ:KRNT) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday.

Several other brokerages also recently issued reports on KRNT. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Kornit Digital in a report on Friday, December 26th. Needham & Company LLC restated a “buy” rating and set a $20.00 target price on shares of Kornit Digital in a research note on Wednesday. Barclays decreased their price target on shares of Kornit Digital from $22.00 to $18.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 6th. Cantor Fitzgerald lowered their price target on shares of Kornit Digital from $28.50 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, November 6th. Finally, Morgan Stanley restated a “positive” rating and set a $17.00 price objective on shares of Kornit Digital in a report on Wednesday. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Kornit Digital has an average rating of “Hold” and an average price target of $20.25.

Kornit Digital Trading Down 1.7%

Shares of KRNT stock opened at $15.97 on Friday. The firm’s fifty day moving average price is $14.29 and its two-hundred day moving average price is $14.40. Kornit Digital has a 1 year low of $11.93 and a 1 year high of $29.12. The firm has a market capitalization of $715.30 million, a P/E ratio of -51.51 and a beta of 1.87.

Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings data on Wednesday, February 11th. The industrial products company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.04. Kornit Digital had a negative return on equity of 1.07% and a negative net margin of 6.49%.The company had revenue of $58.86 million for the quarter, compared to analysts’ expectations of $58.16 million. During the same quarter in the prior year, the business posted $0.18 EPS. The business’s revenue was down 3.0% compared to the same quarter last year. As a group, equities research analysts forecast that Kornit Digital will post -0.2 EPS for the current fiscal year.

Kornit Digital declared that its board has approved a share repurchase program on Monday, November 17th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the industrial products company to repurchase up to 17.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Institutional Trading of Kornit Digital

A number of institutional investors have recently bought and sold shares of the business. Stifel Financial Corp increased its holdings in shares of Kornit Digital by 24.5% during the fourth quarter. Stifel Financial Corp now owns 13,038 shares of the industrial products company’s stock worth $187,000 after purchasing an additional 2,568 shares during the period. Morgan Stanley grew its position in Kornit Digital by 26.5% during the fourth quarter. Morgan Stanley now owns 3,998,548 shares of the industrial products company’s stock worth $57,499,000 after buying an additional 838,814 shares in the last quarter. Schroder Investment Management Group grew its position in Kornit Digital by 6.2% during the fourth quarter. Schroder Investment Management Group now owns 1,148,895 shares of the industrial products company’s stock worth $16,464,000 after buying an additional 66,658 shares in the last quarter. State Street Corp increased its stake in Kornit Digital by 5.7% during the 4th quarter. State Street Corp now owns 652,594 shares of the industrial products company’s stock worth $9,384,000 after acquiring an additional 34,998 shares during the period. Finally, Van ECK Associates Corp raised its holdings in Kornit Digital by 6.9% in the 4th quarter. Van ECK Associates Corp now owns 12,742 shares of the industrial products company’s stock valued at $183,000 after acquiring an additional 820 shares in the last quarter. Institutional investors own 92.76% of the company’s stock.

Kornit Digital Company 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.