Kornit Digital Ltd. $KRNT Shares Purchased by Polar Asset Management Partners Inc.

Key Points

• Polar Asset Management Partners Inc. increased its stake in Kornit Digital Ltd. by 21.7%, bringing its total holdings to 584,460 shares valued at $11.15 million.
• Kornit Digital's stock increased by 1.7%, with a market capitalization of $658.86 million and a twelve-month trading range between $12.78 and $34.28.
• Equities analysts have mixed opinions on Kornit Digital, with an average target price of $31.40 and ratings ranging from "Strong Buy" to "Hold."

Polar Asset Management Partners Inc. grew its stake in Kornit Digital Ltd. (NASDAQ:KRNT - Free Report) by 21.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 584,460 shares of the industrial products company's stock after acquiring an additional 104,017 shares during the period. Polar Asset Management Partners Inc. owned 1.23% of Kornit Digital worth $11,151,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Chicago Capital LLC grew its stake 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 worth $59,247,000 after acquiring an additional 10,656 shares in the last quarter. Granahan Investment Management LLC lifted its holdings in Kornit Digital by 6.2% during the first quarter. Granahan Investment Management LLC now owns 1,693,833 shares of the industrial products company's stock worth $32,318,000 after buying an additional 98,284 shares during the period. Stephens Investment Management Group LLC increased its holdings in shares of 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 period. Pathstone Holdings LLC increased its holdings in shares of 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 period. Finally, Artemis Investment Management LLP raised its position 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 acquiring an additional 31,924 shares in the last quarter. 92.76% of the stock is currently owned by institutional investors.

Kornit Digital Trading Down 2.3%

Shares of NASDAQ KRNT traded down $0.34 during midday trading on Wednesday, reaching $14.72. The company had a trading volume of 137,014 shares, compared to its average volume of 310,504. Kornit Digital Ltd. has a 1 year low of $12.78 and a 1 year high of $34.28. The business's 50-day simple moving average is $17.75 and its 200 day simple moving average is $19.53. The stock has a market cap of $659.31 million, a P/E ratio of -59.03 and a beta of 1.86.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last released its 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 for 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 revenue was up 2.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.02 EPS. Analysts predict that Kornit Digital Ltd. will post -0.2 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on KRNT shares. Needham & Company LLC dropped their price objective on Kornit Digital from $30.00 to $25.00 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. Morgan Stanley restated an "overweight" rating on shares of Kornit Digital in a report on Thursday, May 15th. Finally, Barclays set a $22.00 price objective on shares of Kornit Digital and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Buy" and an average price target of $31.40.

Kornit Digital Company 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.