Granahan Investment Management LLC Raises Position in Kornit Digital Ltd. $KRNT

Key Points

• Granahan Investment Management increased its stake in Kornit Digital by 6.9% in Q3 to 1,955,150 shares (about 4.36% ownership), valued at roughly $26.4 million and representing ~1.1% of Granahan’s portfolio.
• Kornit’s board approved a $100.0 million share buyback (up to 17.2% of shares); the company recently beat quarterly EPS and revenue estimates but remains unprofitable (net margin -6.49%) and trades around $13.74 with a consensus price target of $20.25.

Granahan Investment Management LLC grew its stake in Kornit Digital Ltd. (NASDAQ:KRNT - Free Report) by 6.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,955,150 shares of the industrial products company's stock after purchasing an additional 125,719 shares during the period. Kornit Digital makes up about 1.1% of Granahan Investment Management LLC's portfolio, making the stock its 29th biggest position. Granahan Investment Management LLC owned about 4.36% of Kornit Digital worth $26,395,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of KRNT. Raymond James Financial Inc. purchased a new stake in Kornit Digital during the 2nd quarter valued at $31,000. State of Tennessee Department of Treasury purchased a new position in Kornit Digital during the second quarter worth $35,000. Johnson Financial Group Inc. purchased a new position in Kornit Digital during the third quarter worth $27,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Kornit Digital by 1.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 117,800 shares of the industrial products company's stock valued at $2,248,000 after acquiring an additional 2,105 shares during the last quarter. Finally, Sei Investments Co. increased its position in Kornit Digital by 0.8% during the second quarter. Sei Investments Co. now owns 271,305 shares of the industrial products company's stock valued at $5,402,000 after acquiring an additional 2,195 shares during the last quarter. Hedge funds and other institutional investors own 92.76% of the company's stock.

Kornit Digital Stock Down 2.1%

KRNT stock opened at $13.74 on Monday. Kornit Digital Ltd. has a twelve month low of $11.93 and a twelve month high of $23.48. The firm has a market cap of $615.41 million, a price-to-earnings ratio of -44.32 and a beta of 1.79. The business's fifty day simple moving average is $14.68 and its two-hundred day simple moving average is $14.20.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last issued its earnings results on Wednesday, February 11th. The industrial products company reported $0.18 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.14 by $0.04. The firm had revenue of $58.86 million during the quarter, compared to analyst estimates of $58.16 million. Kornit Digital had a negative net margin of 6.49% and a negative return on equity of 1.07%. The business's revenue was down 3.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.18 earnings per share. Research analysts expect that Kornit Digital Ltd. will post -0.2 EPS for the current year.

Kornit Digital declared that its Board of Directors has approved a share buyback program on Monday, November 17th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to repurchase up to 17.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

KRNT has been the subject of several analyst reports. Weiss Ratings restated a "sell (d-)" rating on shares of Kornit Digital in a report on Friday, December 26th. Wall Street Zen upgraded shares of Kornit Digital from a "sell" rating to a "hold" rating in a report on Saturday, March 7th. Morgan Stanley reissued a "positive" rating and issued a $17.00 price objective on shares of Kornit Digital in a research report on Wednesday, February 11th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $20.00 price objective on shares of Kornit Digital in a research note on Wednesday, February 11th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Kornit Digital has a consensus rating of "Hold" and a consensus price target of $20.25.

Kornit Digital 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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