Zacks Investment Research Downgrades Kornit Digital Ltd. (KRNT) to Sell
Kornit Digital Ltd. (NASDAQ:KRNT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and 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 analysts have also issued research reports about the company. Craig Hallum lowered their price target on Kornit Digital from $20.00 to $26.00 in a research report on Thursday, September 28th. Needham & Company LLC reduced their price objective on Kornit Digital from $22.00 to $19.00 and set a “buy” rating for the company in a report on Wednesday, September 27th. Canaccord Genuity reiterated a “buy” rating and issued a $18.00 price objective (down from $24.00) on shares of Kornit Digital in a report on Wednesday, September 27th. Stifel Nicolaus reduced their price objective on Kornit Digital from $20.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, September 27th. Finally, BidaskClub downgraded Kornit Digital from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the stock. Kornit Digital has an average rating of “Hold” and a consensus target price of $18.83.
Kornit Digital (KRNT) traded down 3.398% during mid-day trading on Wednesday, hitting $14.925. 187,228 shares of the stock traded hands. The firm’s market cap is $503.49 million. Kornit Digital has a 52-week low of $9.00 and a 52-week high of $19.30. The firm’s 50-day moving average is $16.85 and its 200 day moving average is $16.85.
Kornit Digital (NASDAQ:KRNT) last posted its quarterly earnings results 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 analyst estimates 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 quarterly revenue was up 19.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.02 EPS. Equities analysts predict that Kornit Digital will post $0.18 EPS for the current fiscal year.
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in KRNT. Russell Investments Group Ltd. bought a new stake in Kornit Digital in the 1st quarter worth about $3,557,000. Bank of New York Mellon Corp bought a new stake in Kornit Digital in the 1st quarter worth about $475,000. Swiss National Bank increased its holdings in 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 buying an additional 23,700 shares in the last quarter. Sei Investments Co. increased its holdings in 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 buying an additional 4,652 shares in the last quarter. Finally, Parametric Portfolio Associates LLC increased its holdings in 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 buying an additional 28,578 shares in the last quarter. Institutional investors own 73.33% of the company’s stock.
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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