Kornit Digital Ltd. (KRNT) - What Are Researchers Thinking About This Stock?

Key Points

• Analyst consensus is “Hold”: Of six covering firms, three rate Kornit Digital a hold, two a buy and one a sell. The average 12-month price target is $21.50.
• Kornit Digital’s latest quarterly results exceeded expectations, with EPS of $0.04 versus a projected loss of $0.01 and revenue of $55.32 million, up 11.1% year over year. Analysts nevertheless expect a full-year loss of $0.23 per share.
• The stock opened at $17.74, with a market value of approximately $762 million, while insiders sold nearly 98,731 shares worth $1.72 million over the past 90 days. Institutional investors own a substantial 92.76% of outstanding shares.

Kornit Digital Ltd. (NASDAQ:KRNT - Get Free Report) has been given an average rating of "Hold" by the six research firms that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $21.50.

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

Kornit Digital Stock Performance

KRNT opened at $17.74 on Thursday. Kornit Digital has a one year low of $11.93 and a one year high of $19.78. The stock has a market capitalization of $762.29 million, a PE ratio of -36.96 and a beta of 1.85. The business's 50 day moving average price is $16.69 and its 200 day moving average price is $16.11.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last posted its 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. Kornit Digital had a negative return on equity of 1.00% and a negative net margin of 9.42%. The company had revenue of $55.32 million during the quarter, compared to analysts' expectations of $52.80 million. During the same quarter last year, the firm earned $0.03 earnings per share. The firm's quarterly revenue was up 11.1% compared to the same quarter last year. As a group, equities research analysts forecast that Kornit Digital will post -0.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CTO Yaaqov Mann sold 57,108 shares of the firm's stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $17.27, for a total transaction of $986,255.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 98,731 shares of company stock worth $1,720,268 in the last 90 days. 0.21% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Kornit Digital

Institutional investors have recently modified their holdings of the company. Lone Peak Global Investors LLC lifted its stake in Kornit Digital by 2.6% during the 2nd quarter. Lone Peak Global Investors LLC now owns 36,069 shares of the industrial products company's stock worth $586,000 after acquiring an additional 908 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in Kornit Digital during the 2nd quarter valued at about $224,000. Amundi purchased a new position in Kornit Digital during the 1st quarter valued at about $214,000. Engineers Gate Manager LP acquired a new position in Kornit Digital in the 2nd quarter valued at about $300,000. Finally, Renaissance Technologies LLC grew its position in Kornit Digital by 44.5% in the 1st quarter. Renaissance Technologies LLC now owns 91,500 shares of the industrial products company's stock valued at $1,341,000 after acquiring an additional 28,200 shares in the last quarter. 92.76% of the stock is owned by institutional investors and hedge funds.

About Kornit Digital

Kornit Digital Ltd. NASDAQ: KRNT develops and manufactures digital printing systems, inks, software and related solutions for the textile, apparel and other printed-product markets. Its technologies are designed to enable on-demand, short-run and customized production, helping manufacturers and brands reduce reliance on traditional screen-printing and other analog processes.

The company's product portfolio includes direct-to-garment, direct-to-fabric and digital decoration systems, as well as proprietary inks, workflow software and technical services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.