Arrowstreet Capital Limited Partnership Has $6.90 Million Stock Position in Kornit Digital Ltd. $KRNT

Key Points

• Arrowstreet Capital nearly doubled its Kornit Digital stake by purchasing 232,808 additional shares in the first quarter, bringing its holdings to 470,962 shares valued at approximately $6.90 million, or 1.05% of the company.
• Institutional investors own 92.76% of Kornit Digital, while the stock recently traded at $15.22 within its 52-week range of $11.93 to $20.73.
• Kornit reported quarterly revenue of $48.54 million, up 4.4% year over year, and an adjusted loss of $0.01 per share. Analysts maintain a consensus “Hold” rating with an average price target of $21.00.

Arrowstreet Capital Limited Partnership raised its position in shares of Kornit Digital Ltd. (NASDAQ:KRNT - Free Report) by 97.8% in the first quarter, according to its most recent filing with the SEC. The firm owned 470,962 shares of the industrial products company's stock after purchasing an additional 232,808 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 1.05% of Kornit Digital worth $6,904,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. CIBC Private Wealth Group LLC raised its stake in Kornit Digital by 1,359.8% during the third quarter. CIBC Private Wealth Group LLC now owns 1,927 shares of the industrial products company's stock worth $26,000 after buying an additional 1,795 shares during the last quarter. Johnson Financial Group Inc. bought a new stake in Kornit Digital during the third quarter valued at $27,000. Raymond James Financial Inc. acquired a new stake in Kornit Digital during the 2nd quarter worth about $31,000. State of Tennessee Department of Treasury acquired a new stake in Kornit Digital during the 2nd quarter worth about $35,000. Finally, Quadrature Capital Ltd bought a new position in shares of Kornit Digital in the 4th quarter worth about $144,000. Institutional investors own 92.76% of the company's stock.

Kornit Digital Stock Up 1.5%

NASDAQ KRNT opened at $15.22 on Friday. Kornit Digital Ltd. has a 52 week low of $11.93 and a 52 week high of $20.73. The business has a 50 day moving average price of $15.74 and a 200-day moving average price of $15.26. The company has a market cap of $654.00 million, a price-to-earnings ratio of -39.03 and a beta of 1.73.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last issued its earnings results on Wednesday, May 13th. The industrial products company reported ($0.01) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.01). Kornit Digital had a negative return on equity of 1.15% and a negative net margin of 7.93%.The company had revenue of $48.54 million for the quarter, compared to analysts' expectations of $46.67 million. During the same period last year, the business earned $0.01 EPS. Kornit Digital's quarterly revenue was up 4.4% compared to the same quarter last year. On average, equities research analysts anticipate that Kornit Digital Ltd. will post -0.31 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on KRNT. Morgan Stanley increased their price target on Kornit Digital from $17.00 to $18.00 and gave the stock an "equal weight" rating in a report on Tuesday, June 23rd. Needham & Company LLC boosted their target price on shares of Kornit Digital from $20.00 to $22.00 and gave the company a "buy" rating in a research report on Thursday, May 14th. Zacks Research lowered shares of Kornit Digital from a "hold" rating to a "strong sell" rating in a research note on Thursday. Finally, Wall Street Zen upgraded shares of Kornit Digital from a "sell" rating to a "hold" rating in a report on Sunday, April 12th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $21.00.

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.

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