Kornit Digital Ltd. (KRNT) Lifted 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 research 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. “
Several other analysts also recently commented on the stock. TheStreet upgraded shares of Kornit Digital from a “sell” rating to a “hold” rating in a report on Monday, August 8th. Stifel Nicolaus lowered their target price on shares of Kornit Digital from $17.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, August 3rd. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 target price on shares of Kornit Digital in a report on Tuesday, July 5th. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $20.00 target price on shares of Kornit Digital in a report on Friday, July 1st. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $16.00.
Shares of Kornit Digital (NASDAQ:KRNT) opened at 9.57 on Wednesday. The company has a market cap of $291.64 million, a P/E ratio of 74.77 and a beta of -0.11. The firm has a 50-day moving average of $10.12 and a 200-day moving average of $9.97. Kornit Digital has a 12-month low of $8.10 and a 12-month high of $13.50.
Kornit Digital (NASDAQ:KRNT) last announced its earnings results on Tuesday, August 2nd. The company reported $0.02 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by $0.02. The firm earned $24 million during the quarter, compared to analysts’ expectations of $24.53 million. Kornit Digital had a net margin of 4.12% and a return on equity of 4.54%. The business’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.07 EPS. Analysts predict that Kornit Digital will post $0.27 EPS for the current year.
Hedge funds have recently bought and sold shares of the company. Blair William & Co. IL bought a new stake in Kornit Digital during the second quarter worth about $10,284,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Kornit Digital during the second quarter worth $5,124,000. Schroder Investment Management Group raised its position in shares of Kornit Digital by 12.8% in the second quarter. Schroder Investment Management Group now owns 1,017,767 shares of the company’s stock worth $9,933,000 after buying an additional 115,800 shares in the last quarter. Ameriprise Financial Inc. acquired a new position in shares of Kornit Digital during the second quarter worth $801,000. Finally, BlackRock Fund Advisors raised its position in shares of Kornit Digital by 148.2% in the first quarter. BlackRock Fund Advisors now owns 83,147 shares of the company’s stock worth $827,000 after buying an additional 49,649 shares in the last quarter. Institutional investors and hedge funds own 27.45% of the company’s stock.
Kornit Digital Company Profile
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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