Kornit Digital (NASDAQ:KRNT) Rating Increased to Hold at Zacks Research

Key Points

• Zacks Research upgraded Kornit Digital to “Hold” from “Strong Sell.” The broader analyst consensus is also “Hold,” with an average price target of $21.50.
• Kornit Digital reported quarterly revenue of $55.32 million and earnings of $0.04 per share, beating estimates of $52.80 million in revenue and a $0.01 per-share loss; revenue increased 11.1% year over year.
• KRNT shares opened at $16.74, while institutional investors and hedge funds own approximately 92.76% of the stock.

Kornit Digital (NASDAQ:KRNT - Get Free Report) was upgraded by analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued on Monday,Zacks.com reports.

A number of other equities analysts have also issued reports on the company. Needham & Company LLC raised their target price on Kornit Digital from $22.00 to $23.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. Weiss Ratings downgraded shares of Kornit Digital from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday, August 12th. Finally, Morgan Stanley boosted their target price on shares of Kornit Digital from $18.00 to $19.00 and gave the company an "equal weight" rating in a research report on Thursday, August 13th. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $21.50.

Kornit Digital Trading Up 1.6%

Shares of KRNT stock opened at $16.74 on Monday. Kornit Digital has a 12-month low of $11.93 and a 12-month high of $19.78. The business's fifty day simple moving average is $16.14 and its 200-day simple moving average is $15.65. The company has a market cap of $719.32 million, a PE ratio of -34.88 and a beta of 1.72.

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

Institutional Investors Weigh In On Kornit Digital

Several institutional investors have recently bought and sold shares of KRNT. Senvest Management LLC grew its holdings in shares of Kornit Digital by 4.1% during the fourth quarter. Senvest Management LLC now owns 4,141,355 shares of the industrial products company's stock worth $59,553,000 after buying an additional 162,100 shares in the last quarter. Morgan Stanley grew its stake in shares of Kornit Digital by 26.5% in the 4th quarter. Morgan Stanley now owns 3,998,548 shares of the industrial products company's stock valued at $57,499,000 after buying an additional 838,814 shares during the period. Artisan Partners Limited Partnership grew 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 acquiring an additional 650,283 shares during the period. Granahan Investment Management LLC lifted its stake 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 valued at $36,952,000 after purchasing an additional 614,513 shares during the last quarter. Finally, Invenomic Capital Management LP increased its position in shares of Kornit Digital by 196.9% during the 4th quarter. Invenomic Capital Management LP now owns 1,397,950 shares of the industrial products company's stock worth $20,103,000 after purchasing an additional 927,169 shares during the last quarter. 92.76% of the stock is currently owned by institutional investors and hedge funds.

About Kornit Digital

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.

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