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

Shares of Kornit Digital Ltd. (NASDAQ:KRNT) have received a consensus recommendation of “Hold” from the six analysts that are currently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and two have given a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $21.50.

Several research firms have commented on KRNT. Weiss Ratings cut shares of Kornit Digital from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday. Zacks Research cut Kornit Digital from a “hold” rating to a “strong sell” rating in a report on Thursday, July 30th. Needham & Company LLC lifted their price objective on Kornit Digital from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Morgan Stanley upped their target price on Kornit Digital from $18.00 to $19.00 and gave the company an “equal weight” rating in a research note on Thursday.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Invenomic Capital Management LP grew its holdings in Kornit Digital by 196.9% in 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 purchasing an additional 927,169 shares during the period. Assenagon Asset Management S.A. grew its stake in shares of Kornit Digital by 185.2% during the 1st quarter. Assenagon Asset Management S.A. now owns 1,292,586 shares of the industrial products company’s stock valued at $18,949,000 after buying an additional 839,336 shares during the period. Morgan Stanley increased its holdings in shares of Kornit Digital by 26.5% during the 4th 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 during the last quarter. Artisan Partners Limited Partnership increased its holdings in shares of Kornit Digital by 32.6% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,647,804 shares of the industrial products company’s stock worth $38,075,000 after buying an additional 650,283 shares during the last quarter. Finally, Granahan Investment Management LLC raised its position in shares of Kornit Digital by 31.4% in the 4th quarter. Granahan Investment Management LLC now owns 2,569,663 shares of the industrial products company’s stock worth $36,952,000 after buying an additional 614,513 shares during the period. Institutional investors and hedge funds own 92.76% of the company’s stock.

Kornit Digital Trading Up 1.1%

Shares of KRNT stock opened at $18.04 on Friday. The company has a market capitalization of $775.18 million, a price-to-earnings ratio of -37.58 and a beta of 1.72. The firm has a 50-day moving average price of $15.98 and a 200 day moving average price of $15.46. Kornit Digital has a twelve month low of $11.93 and a twelve month high of $19.78.

Kornit Digital (NASDAQ:KRNT) last released its quarterly earnings results on Wednesday, August 12th. The industrial products company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.05. The company had revenue of $55.32 million for the quarter, compared to analysts’ expectations of $52.80 million. Kornit Digital had a negative net margin of 9.42% and a negative return on equity of 1.00%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period last year, the company earned $0.03 EPS. As a group, research analysts predict that Kornit Digital will post -0.31 earnings per share for the current year.

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.