Cubist Systematic Strategies LLC Acquires Shares of 83,903 Kornit Digital Ltd. $KRNT

Key Points

• Cubist Systematic Strategies LLC has acquired a new stake in Kornit Digital Ltd. during Q1, purchasing 83,903 shares valued at approximately $1.6 million, which represents about 0.18% of the company.
• Analyst ratings for Kornit Digital show mixed opinions, with Barclays setting a price target of $22.00 while Needham cut their target to $25.00; the average rating for the stock remains "Buy" with a target of $31.40.
• Kornit Digital reported a revenue increase of 2.5% year-over-year in its latest earnings, with a quarterly revenue of $49.75 million, slightly below analysts' expectations of $52.07 million.

Cubist Systematic Strategies LLC bought a new stake in Kornit Digital Ltd. (NASDAQ:KRNT - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 83,903 shares of the industrial products company's stock, valued at approximately $1,601,000. Cubist Systematic Strategies LLC owned approximately 0.18% of Kornit Digital at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Chicago Capital LLC raised its holdings in Kornit Digital by 0.3% in the 1st quarter. Chicago Capital LLC now owns 3,105,206 shares of the industrial products company's stock valued at $59,247,000 after acquiring an additional 10,656 shares during the last quarter. Stephens Investment Management Group LLC raised its holdings in Kornit Digital by 0.8% in the 1st quarter. Stephens Investment Management Group LLC now owns 1,353,412 shares of the industrial products company's stock valued at $25,823,000 after acquiring an additional 11,091 shares during the last quarter. Pathstone Holdings LLC raised its holdings in Kornit Digital by 0.8% in the 4th quarter. Pathstone Holdings LLC now owns 859,668 shares of the industrial products company's stock valued at $26,607,000 after acquiring an additional 6,503 shares during the last quarter. Artemis Investment Management LLP raised its holdings in Kornit Digital by 5.0% in the 1st quarter. Artemis Investment Management LLP now owns 673,832 shares of the industrial products company's stock valued at $12,857,000 after acquiring an additional 31,924 shares during the last quarter. Finally, LHM Inc. raised its holdings in Kornit Digital by 17.3% in the 1st quarter. LHM Inc. now owns 532,545 shares of the industrial products company's stock valued at $10,161,000 after acquiring an additional 78,581 shares during the last quarter. 92.76% of the stock is currently owned by institutional investors and hedge funds.

Kornit Digital Stock Performance

Kornit Digital stock traded down $0.44 during trading on Friday, reaching $14.44. 235,843 shares of the company's stock were exchanged, compared to its average volume of 370,511. The company's 50-day moving average is $17.44 and its two-hundred day moving average is $19.35. Kornit Digital Ltd. has a 52-week low of $12.78 and a 52-week high of $34.28. The firm has a market cap of $646.77 million, a price-to-earnings ratio of -57.76 and a beta of 1.86.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $0.03 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.01. Kornit Digital had a negative net margin of 5.43% and a negative return on equity of 0.74%. The firm had revenue of $49.75 million during the quarter, compared to analysts' expectations of $52.07 million. During the same period in the prior year, the company earned $0.02 EPS. The firm's revenue was up 2.5% on a year-over-year basis. Analysts anticipate that Kornit Digital Ltd. will post -0.2 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Barclays set a $22.00 price target on Kornit Digital and gave the company an "equal weight" rating in a report on Thursday, August 7th. Needham & Company LLC cut their price target on Kornit Digital from $30.00 to $25.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Finally, Morgan Stanley reissued an "overweight" rating on shares of Kornit Digital in a research note on Thursday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $31.40.

Kornit Digital Profile

Kornit Digital Ltd. develops, designs, and markets digital printing solutions for the fashion, apparel, and home decor segments of printed textile industry in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally. Its solutions include digital printing systems, ink and other consumables, associated software, and value-added services.