Kornit Digital Ltd. (NASDAQ:KRNT) Stock Has Average Price Target of $21.50 According to Brokerages

Shares of Kornit Digital Ltd. (NASDAQ:KRNT) have earned a consensus rating of “Hold” from the six research firms that are covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $21.50.

A number of equities analysts have recently weighed in on the company. Morgan Stanley upped their price objective on Kornit Digital from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 13th. Weiss Ratings raised Kornit Digital from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, October 2nd. Zacks Research raised Kornit Digital from a “strong sell” rating to a “hold” rating in a report on Monday, August 24th. Finally, Needham & Company LLC upped their price target on Kornit Digital from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th.

Kornit Digital Trading Up 1.0%

Kornit Digital stock opened at $17.87 on Thursday. Kornit Digital has a 12-month low of $11.93 and a 12-month high of $19.78. The firm has a market capitalization of $767.82 million, a price-to-earnings ratio of -37.23 and a beta of 1.85. The firm has a 50 day moving average of $16.70 and a 200 day moving average of $15.71.

Kornit Digital (NASDAQ:KRNT) last posted its quarterly earnings results on Wednesday, August 12th. The industrial products company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.05. The business had revenue of $55.32 million during the quarter, compared to analyst estimates of $52.80 million. Kornit Digital had a negative net margin of 9.42% and a negative return on equity of 1.00%. The company’s revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.03 earnings per share. On average, analysts predict that Kornit Digital will post -0.23 EPS for the current year.

Insider Activity at Kornit Digital

In other news, CTO Yaaqov Mann sold 57,108 shares of the business’s stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $17.27, for a total value of $986,255.16. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 98,731 shares of company stock valued at $1,720,268 over the last quarter. 0.21% of the stock is currently owned by insiders.

Institutional Trading of Kornit Digital

Several hedge funds have recently bought and sold shares of KRNT. Signaturefd LLC lifted its position in shares of Kornit Digital by 145.8% in the third quarter. Signaturefd LLC now owns 2,974 shares of the industrial products company’s stock worth $49,000 after buying an additional 1,764 shares in the last quarter. Tidal Investments LLC boosted its position in shares of Kornit Digital by 78.3% during the 2nd quarter. Tidal Investments LLC now owns 68,838 shares of the industrial products company’s stock valued at $1,119,000 after acquiring an additional 30,233 shares during the last quarter. Engineers Gate Manager LP purchased a new position in shares of Kornit Digital in the second quarter valued at $300,000. Lone Peak Global Investors LLC grew its holdings in shares of Kornit Digital by 2.6% in the second quarter. Lone Peak Global Investors LLC now owns 36,069 shares of the industrial products company’s stock valued at $586,000 after purchasing an additional 908 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in Kornit Digital in the second quarter worth $224,000. Hedge funds and other institutional investors own 92.76% of the company’s stock.

About Kornit Digital

Kornit Digital Ltd. (NASDAQ: KRNT) develops, manufactures and sells digital printing technologies for the textile, apparel and related industries. Its solutions are designed to support on-demand, short-run and mass-customized production while reducing the need for traditional screen-printing processes.

The company’s product portfolio includes direct-to-garment printers for cotton and other finished apparel, direct-to-fabric systems for textiles, and digital printing solutions for home décor and related applications.