Kornit Digital Ltd. (NASDAQ:KRNT) Stake Decreased by Telemark Asset Management LLC

Key Points

• Telemark Asset Management LLC significantly reduced its stake in Kornit Digital, selling 130,000 shares and now holding 70,000 shares, representing a 65.0% decrease in its position.
• Kornit Digital's recent earnings report showed a net margin of -5.43% despite a year-over-year revenue increase of 2.5%, with earnings per share of $0.03 beating analysts' expectations.
• The stock's current market cap is $703.26 million, and it has fluctuated between a 52-week low of $12.78 and a high of $34.28, with a consensus rating of "Moderate Buy" from analysts.

Telemark Asset Management LLC trimmed its position in shares of Kornit Digital Ltd. (NASDAQ:KRNT - Free Report) by 65.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 70,000 shares of the industrial products company's stock after selling 130,000 shares during the period. Telemark Asset Management LLC owned 0.15% of Kornit Digital worth $1,336,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. raised its stake in Kornit Digital by 3.2% during the first quarter. Oppenheimer Asset Management Inc. now owns 52,953 shares of the industrial products company's stock worth $1,010,000 after acquiring an additional 1,646 shares in the last quarter. Artemis Investment Management LLP lifted its holdings in shares of 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 worth $12,857,000 after purchasing an additional 31,924 shares in the last quarter. Acuitas Investments LLC bought a new position in Kornit Digital during the 1st quarter valued at $695,000. Moody National Bank Trust Division lifted its stake in Kornit Digital by 39.9% during the 1st quarter. Moody National Bank Trust Division now owns 118,883 shares of the industrial products company's stock valued at $2,268,000 after acquiring an additional 33,878 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Kornit Digital by 78.6% in the 4th quarter. Northern Trust Corp now owns 204,005 shares of the industrial products company's stock worth $6,314,000 after buying an additional 89,790 shares during the last quarter. 92.76% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on KRNT. Needham & Company LLC cut their price objective on Kornit Digital from $30.00 to $25.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Barclays set a $22.00 price target on Kornit Digital and gave the company an "equal weight" rating in a research note on Thursday, August 7th. Finally, Morgan Stanley reaffirmed an "overweight" rating on shares of Kornit Digital in a research note on Thursday, May 15th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Kornit Digital has a consensus rating of "Buy" and an average target price of $31.40.

Kornit Digital Price Performance

Shares of KRNT traded up $1.06 during midday trading on Tuesday, reaching $15.25. 129,359 shares of the stock were exchanged, compared to its average volume of 301,811. The company has a market capitalization of $682.82 million, a price-to-earnings ratio of -61.06 and a beta of 1.90. Kornit Digital Ltd. has a twelve month low of $12.78 and a twelve month high of $34.28. The business's 50-day moving average price is $20.01 and its 200 day moving average price is $21.42.

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 (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.01. The firm had revenue of $49.75 million during the quarter, compared to the consensus estimate of $52.07 million. Kornit Digital had a negative return on equity of 0.74% and a negative net margin of 5.43%. The firm's quarterly revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.02 EPS. As a group, equities research analysts expect that Kornit Digital Ltd. will post -0.2 earnings per share for the current fiscal year.

About Kornit Digital

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.