Kornit Digital Ltd. (NASDAQ:KRNT) Receives Consensus Rating of "Hold" from Analysts

Key Points

• Analysts rate Kornit Digital “Hold”: Of six covering analysts, three recommend holding, two recommend buying and one recommends selling. The average 12-month price target is $21.50 versus a recent share price of $16.07.
• 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 compared with estimates of $52.80 million. Revenue increased 11.1% year over year, although the company remains unprofitable.
• Institutional investors own 92.76% of the company, with several major funds recently increasing their positions, including Arrowstreet Capital, Wasatch Advisors and Granahan Investment Management.

Shares of Kornit Digital Ltd. (NASDAQ:KRNT - Get Free Report) have been given a consensus rating of "Hold" by the six analysts that are covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $21.50.

Several research firms recently issued reports on KRNT. Needham & Company LLC boosted their price target on Kornit Digital from $22.00 to $23.00 and gave the company a "buy" rating in a research note on Wednesday, August 12th. Morgan Stanley increased their price objective on Kornit Digital from $18.00 to $19.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 13th. Weiss Ratings raised Kornit Digital from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, August 27th. Finally, Zacks Research upgraded shares of Kornit Digital from a "strong sell" rating to a "hold" rating in a research note on Monday, August 24th.

Kornit Digital Stock Down 4.6%

Shares of KRNT stock opened at $16.07 on Wednesday. The firm has a 50 day moving average price of $16.14 and a two-hundred day moving average price of $15.72. The company has a market capitalization of $690.53 million, a PE ratio of -33.48 and a beta of 1.74. Kornit Digital has a 12-month low of $11.93 and a 12-month high of $19.78.

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

Institutional Trading of Kornit Digital

A number of institutional investors have recently bought and sold shares of the business. Arrowstreet Capital Limited Partnership raised its position in shares of Kornit Digital by 97.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 470,962 shares of the industrial products company's stock valued at $6,904,000 after buying an additional 232,808 shares in the last quarter. Wasatch Advisors LP grew its position in Kornit Digital by 145.9% during the second quarter. Wasatch Advisors LP now owns 433,968 shares of the industrial products company's stock worth $7,052,000 after buying an additional 257,478 shares in the last quarter. Janus Henderson Group PLC grew its position in Kornit Digital by 13.7% during the first quarter. Janus Henderson Group PLC now owns 793,194 shares of the industrial products company's stock worth $11,628,000 after buying an additional 95,693 shares in the last quarter. American Capital Management Inc. acquired a new stake in Kornit Digital during the second quarter worth approximately $4,598,000. Finally, Granahan Investment Management LLC increased its stake in Kornit Digital by 31.4% during 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 acquiring an additional 614,513 shares during the period. Institutional investors own 92.76% of the company's stock.

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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