Assenagon Asset Management S.A. Sells 829,204 Shares of Kornit Digital Ltd. $KRNT

Key Points

• Assenagon Asset Management cut its Kornit Digital stake by 64.2%, selling 829,204 shares in the second quarter and retaining 463,382 shares worth approximately $7.53 million.
• Kornit Digital reported quarterly revenue of $48.54 million, ahead of analyst estimates of $46.67 million, while earnings per share of a $0.01 loss matched expectations. Revenue increased 4.4% year over year, but the company remained unprofitable.
• Analyst sentiment was mixed, with two Buy, two Hold and two Sell ratings; the stock’s average rating was Hold with a $21.00 target price, compared with a share price of $17.58.

Assenagon Asset Management S.A. decreased its holdings in Kornit Digital Ltd. (NASDAQ:KRNT - Free Report) by 64.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 463,382 shares of the industrial products company's stock after selling 829,204 shares during the quarter. Assenagon Asset Management S.A. owned 1.03% of Kornit Digital worth $7,530,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Raymond James Financial Inc. bought a new stake in shares of Kornit Digital in the second quarter valued at approximately $31,000. State of Tennessee Department of Treasury acquired a new position in Kornit Digital in the 2nd quarter valued at $35,000. CIBC Private Wealth Group LLC raised its holdings in Kornit Digital by 1,359.8% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,927 shares of the industrial products company's stock valued at $26,000 after acquiring an additional 1,795 shares in the last quarter. Johnson Financial Group Inc. bought a new stake in shares of Kornit Digital during the 3rd quarter valued at $27,000. Finally, Headlands Technologies LLC lifted its position in shares of Kornit Digital by 84.5% during the 2nd quarter. Headlands Technologies LLC now owns 9,807 shares of the industrial products company's stock valued at $195,000 after acquiring an additional 4,491 shares during the period. Institutional investors own 92.76% of the company's stock.

Kornit Digital Stock Performance

Shares of KRNT stock opened at $17.58 on Wednesday. Kornit Digital Ltd. has a fifty-two week low of $11.93 and a fifty-two week high of $19.78. The company has a market cap of $755.41 million, a PE ratio of -45.08 and a beta of 1.72. The stock's fifty day moving average price is $15.86 and its two-hundred day moving average price is $15.39.

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

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on KRNT. Zacks Research lowered Kornit Digital from a "hold" rating to a "strong sell" rating in a report on Thursday, July 30th. Morgan Stanley upped their price objective on shares of Kornit Digital from $17.00 to $18.00 and gave the stock an "equal weight" rating in a research report on Tuesday, June 23rd. Finally, Needham & Company LLC increased their price objective on shares of Kornit Digital from $20.00 to $22.00 and gave the stock a "buy" rating in a research note on Thursday, May 14th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Kornit Digital currently has an average rating of "Hold" and an average target price of $21.00.

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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