Polar Asset Management Partners Inc. Sells 222,910 Shares of Kornit Digital Ltd. $KRNT

Key Points

• Polar Asset Management Partners reduced its Kornit Digital stake by 29.9%, selling 222,910 shares in the first quarter and retaining 521,734 shares valued at approximately $7.65 million.
• Institutional ownership remains high at 92.76%, with several major investors—including Assenagon Asset Management, Arrowstreet Capital and Renaissance Technologies—substantially increasing their positions.
• Kornit Digital reported quarterly revenue of $48.54 million, up 4.4% year over year, while posting a loss of $0.01 per share. Analysts maintain an overall “Hold” rating with an average price target of $21, compared with a recent share price of $15.23.

Polar Asset Management Partners Inc. lowered its position in Kornit Digital Ltd. (NASDAQ:KRNT - Free Report) by 29.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 521,734 shares of the industrial products company's stock after selling 222,910 shares during the period. Polar Asset Management Partners Inc. owned 1.16% of Kornit Digital worth $7,649,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of KRNT. Renaissance Technologies LLC lifted its holdings in Kornit Digital by 44.5% in the first quarter. Renaissance Technologies LLC now owns 91,500 shares of the industrial products company's stock valued at $1,341,000 after buying an additional 28,200 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Kornit Digital by 97.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 470,962 shares of the industrial products company's stock worth $6,904,000 after acquiring an additional 232,808 shares during the period. Assenagon Asset Management S.A. raised its position in shares of Kornit Digital by 185.2% in the 1st quarter. Assenagon Asset Management S.A. now owns 1,292,586 shares of the industrial products company's stock worth $18,949,000 after acquiring an additional 839,336 shares in the last quarter. Silverberg Bernstein Capital Management LLC raised its position in shares of Kornit Digital by 8.6% in the 1st quarter. Silverberg Bernstein Capital Management LLC now owns 359,723 shares of the industrial products company's stock worth $5,274,000 after acquiring an additional 28,467 shares in the last quarter. Finally, XTX Topco Ltd lifted its stake in shares of Kornit Digital by 202.6% in the 4th quarter. XTX Topco Ltd now owns 50,411 shares of the industrial products company's stock valued at $725,000 after purchasing an additional 33,750 shares during the period. 92.76% of the stock is currently owned by institutional investors and hedge funds.

Kornit Digital Stock Performance

Shares of NASDAQ KRNT opened at $15.23 on Monday. The firm's 50-day moving average price is $15.67 and its 200-day moving average price is $15.26. Kornit Digital Ltd. has a 1-year low of $11.93 and a 1-year high of $22.06. The firm has a market capitalization of $654.39 million, a P/E ratio of -39.05 and a beta of 1.73.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last released its quarterly earnings data on Wednesday, May 13th. The industrial products company reported ($0.01) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.01). The company had revenue of $48.54 million for the quarter, compared to analysts' expectations of $46.67 million. Kornit Digital had a negative net margin of 7.93% and a negative return on equity of 1.15%. The business's revenue was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.01 EPS. Equities research analysts forecast that Kornit Digital Ltd. will post -0.31 EPS for the current year.

Analysts Set New Price Targets

KRNT has been the subject of several recent analyst reports. Needham & Company LLC raised their target price on Kornit Digital from $20.00 to $22.00 and gave the stock a "buy" rating in a research note on Thursday, May 14th. Wall Street Zen raised Kornit Digital from a "sell" rating to a "hold" rating in a research note on Sunday, April 12th. Finally, Morgan Stanley increased their price target on Kornit Digital from $17.00 to $18.00 and gave the stock an "equal weight" rating in a report on Tuesday, June 23rd. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Kornit Digital has an average rating of "Hold" and an average target price of $21.00.

Kornit Digital Company 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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