Polar Asset Management Partners Inc. Boosts Stake in Kornit Digital Ltd. $KRNT

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. raised its holdings in shares of Kornit Digital Ltd. (NASDAQ:KRNT - Free Report) by 21.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 584,460 shares of the industrial products company's stock after buying an additional 104,017 shares during the quarter. Polar Asset Management Partners Inc. owned about 1.23% of Kornit Digital worth $11,151,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in KRNT. Castleark Management LLC bought a new stake in Kornit Digital during the fourth quarter worth about $4,200,000. Nicholas Investment Partners LP lifted its stake in shares of Kornit Digital by 43.1% in the 4th quarter. Nicholas Investment Partners LP now owns 385,082 shares of the industrial products company's stock valued at $11,918,000 after acquiring an additional 115,979 shares during the last quarter. Driehaus Capital Management LLC lifted its stake in shares of Kornit Digital by 31.8% in the 4th quarter. Driehaus Capital Management LLC now owns 413,056 shares of the industrial products company's stock valued at $12,784,000 after acquiring an additional 99,727 shares during the last quarter. Granahan Investment Management LLC lifted its stake in shares of Kornit Digital by 6.2% in the 1st quarter. Granahan Investment Management LLC now owns 1,693,833 shares of the industrial products company's stock valued at $32,318,000 after acquiring an additional 98,284 shares during the last quarter. Finally, Northern Trust Corp lifted its stake 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 valued at $6,314,000 after acquiring an additional 89,790 shares during the last quarter. 92.76% of the stock is currently owned by hedge funds and other institutional investors.

Kornit Digital Stock Up 1.7%

Kornit Digital stock opened at $14.71 on Friday. The company has a market capitalization of $658.86 million, a P/E ratio of -58.84 and a beta of 1.86. The stock's 50 day moving average is $18.03 and its 200 day moving average is $19.79. Kornit Digital Ltd. has a twelve month low of $12.78 and a twelve month high of $34.28.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $0.03 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.01. The company 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 quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.02 EPS. As a group, equities analysts expect that Kornit Digital Ltd. will post -0.2 EPS for the current year.

Wall Street Analyst Weigh In

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

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