Kornit Digital Ltd. (NASDAQ:KRNT) Receives Average Recommendation of “Hold” from Brokerages

Kornit Digital Ltd. (NASDAQ:KRNT) has earned an average rating of “Hold” from the five ratings firms that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $20.25.

A number of research analysts have issued reports on KRNT shares. Wall Street Zen lowered shares of Kornit Digital from a “hold” rating to a “sell” rating in a research note on Saturday, February 14th. Barclays cut their price target on Kornit Digital from $22.00 to $18.00 and set an “equal weight” rating on the stock in a report on Thursday, November 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Kornit Digital in a report on Friday, December 26th. Morgan Stanley reaffirmed a “positive” rating and set a $17.00 target price on shares of Kornit Digital in a research note on Wednesday, February 11th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $20.00 price target on shares of Kornit Digital in a research report on Wednesday, February 11th.

Hedge Funds Weigh In On Kornit Digital

Large investors have recently bought and sold shares of the stock. Medina Value Partners LLC acquired a new stake in shares of Kornit Digital in the 3rd quarter worth approximately $12,732,000. Invenomic Capital Management LP increased its stake in shares of Kornit Digital by 196.9% during the fourth quarter. Invenomic Capital Management LP now owns 1,397,950 shares of the industrial products company’s stock valued at $20,103,000 after acquiring an additional 927,169 shares during the period. Morgan Stanley raised its holdings 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 purchasing an additional 838,814 shares in the last quarter. Artisan Partners Limited Partnership lifted its position in Kornit Digital by 32.6% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,647,804 shares of the industrial products company’s stock worth $38,075,000 after purchasing an additional 650,283 shares during the period. Finally, Dudley & Shanley Inc. lifted its position in Kornit Digital by 97.5% in the third quarter. Dudley & Shanley Inc. now owns 1,258,895 shares of the industrial products company’s stock worth $16,995,000 after purchasing an additional 621,595 shares during the period. Institutional investors and hedge funds own 92.76% of the company’s stock.

Kornit Digital Price Performance

Shares of KRNT opened at $15.60 on Friday. Kornit Digital has a 12 month low of $11.93 and a 12 month high of $26.15. The stock has a fifty day moving average price of $14.45 and a 200 day moving average price of $14.26. The company has a market cap of $698.80 million, a P/E ratio of -50.32 and a beta of 1.87.

Kornit Digital (NASDAQ:KRNT) last posted its earnings results on Wednesday, February 11th. The industrial products company reported $0.18 earnings per share (EPS) for the quarter, beating 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 period last year, the business posted $0.18 earnings per share. The firm’s quarterly revenue was down 3.0% compared to the same quarter last year. As a group, research analysts anticipate that Kornit Digital will post -0.2 earnings per share for the current year.

Kornit Digital announced that its Board of Directors has authorized a share repurchase plan on Monday, November 17th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to purchase up to 17.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

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.