Kornit Digital Ltd. (KRNT) Trading Down 14.6% Following Analyst Downgrade
Kornit Digital Ltd. (NASDAQ:KRNT)’s share price was down 14.6% during trading on Wednesday after Barclays PLC lowered their price target on the stock from $22.00 to $18.00. Barclays PLC currently has an overweight rating on the stock. Kornit Digital traded as low as $12.85 and last traded at $14.65. Approximately 5,285,522 shares were traded during trading, an increase of 2,734% from the average daily volume of 186,486 shares. The stock had previously closed at $17.15.
KRNT has been the subject of several other research reports. BidaskClub lowered Kornit Digital from a “hold” rating to a “sell” rating in a research report on Thursday, August 10th. Zacks Investment Research raised Kornit Digital from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. Canaccord Genuity reissued a “buy” rating and set a $24.00 price objective on shares of Kornit Digital in a research report on Tuesday, August 8th. Needham & Company LLC lowered their price objective on Kornit Digital from $22.00 to $19.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Stifel Nicolaus lowered their price objective on Kornit Digital from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $18.86.
Several institutional investors and hedge funds have recently bought and sold shares of KRNT. Russell Investments Group Ltd. purchased a new position in shares of Kornit Digital in the 1st quarter worth about $3,557,000. Bank of New York Mellon Corp purchased a new position in shares of Kornit Digital in the 1st quarter worth about $475,000. Swiss National Bank raised its position in shares of Kornit Digital by 165.7% in the 1st quarter. Swiss National Bank now owns 38,000 shares of the industrial products company’s stock worth $726,000 after purchasing an additional 23,700 shares during the last quarter. Sei Investments Co. raised its position in shares of Kornit Digital by 104.3% in the 1st quarter. Sei Investments Co. now owns 9,111 shares of the industrial products company’s stock worth $174,000 after purchasing an additional 4,652 shares during the last quarter. Finally, Parametric Portfolio Associates LLC raised its position in shares of Kornit Digital by 255.2% in the 1st quarter. Parametric Portfolio Associates LLC now owns 39,778 shares of the industrial products company’s stock worth $760,000 after purchasing an additional 28,578 shares during the last quarter. 73.33% of the stock is owned by hedge funds and other institutional investors.
The company’s market capitalization is $494.22 million. The stock has a 50-day moving average of $17.77 and a 200-day moving average of $17.77.
Kornit Digital (NASDAQ:KRNT) last issued its quarterly earnings data on Monday, August 7th. The industrial products company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates 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%. The firm’s quarterly revenue was up 19.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.02 EPS. On average, equities research analysts expect that Kornit Digital Ltd. will post $0.42 earnings per share for the current year.
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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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