Ironwood Investment Management LLC Makes New $1.01 Million Investment in Kornit Digital Ltd. $KRNT

Key Points

• Ironwood Investment Management bought 74,484 shares of Kornit Digital in Q3 — a new stake valued at approximately $1.01 million, representing about 0.17% of the company per its SEC filing.
• Several institutional investors materially increased their holdings (e.g., Dudley & Shanley, Arrowstreet, Thompson, Hood River), leaving institutions owning roughly 92.76% of Kornit’s shares.
• Kornit’s board approved a $100 million stock buyback (up to 17.2% of shares); analysts hold a consensus "Hold" rating with an average price target of $20.25 while the stock recently traded near $14.04.

Ironwood Investment Management LLC purchased a new stake in Kornit Digital Ltd. (NASDAQ:KRNT - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 74,484 shares of the industrial products company's stock, valued at approximately $1,006,000. Ironwood Investment Management LLC owned approximately 0.17% of Kornit Digital as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of KRNT. Dudley & Shanley Inc. boosted its stake in shares of Kornit Digital by 97.5% during the 3rd quarter. Dudley & Shanley Inc. now owns 1,258,895 shares of the industrial products company's stock worth $16,995,000 after acquiring an additional 621,595 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Kornit Digital by 79.9% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 557,873 shares of the industrial products company's stock worth $11,107,000 after acquiring an additional 247,763 shares during the last quarter. Thompson Investment Management Inc. raised its position in shares of Kornit Digital by 169.5% during the third quarter. Thompson Investment Management Inc. now owns 789,761 shares of the industrial products company's stock worth $10,662,000 after purchasing an additional 496,754 shares during the period. Hood River Capital Management LLC raised its position in shares of Kornit Digital by 39.1% during the second quarter. Hood River Capital Management LLC now owns 2,182,569 shares of the industrial products company's stock worth $43,455,000 after purchasing an additional 613,070 shares during the period. Finally, Magnetar Financial LLC purchased a new stake in shares of Kornit Digital during the second quarter valued at $439,000. Institutional investors and hedge funds own 92.76% of the company's stock.

Analyst Ratings Changes

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

Kornit Digital Price Performance

Shares of NASDAQ KRNT opened at $14.04 on Friday. Kornit Digital Ltd. has a one year low of $11.93 and a one year high of $23.48. The business's 50-day moving average price is $14.69 and its two-hundred day moving average price is $14.23. The company has a market capitalization of $628.85 million, a P/E ratio of -45.29 and a beta of 1.79.

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

Kornit Digital announced that its board has approved a stock buyback program on Monday, November 17th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the industrial products company to purchase up to 17.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its stock is undervalued.

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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