Kornit Digital Ltd. (NASDAQ:KRNT) Given Average Rating of "Hold" by Brokerages

Key Points

• Analysts give Kornit Digital an average “Hold” rating: Two analysts rate the stock a sell, two a hold and two a buy, with an average 12-month price target of $21.00.
• Recent research opinions were mixed, including Morgan Stanley’s $18 equal-weight target, Needham’s upgraded $22 buy target and Zacks Research’s downgrade to “strong sell.”
• Kornit reported quarterly revenue of $48.54 million, above estimates of $46.67 million, while earnings per share matched expectations at a loss of $0.01; revenue increased 4.4% year over year.

Kornit Digital Ltd. (NASDAQ:KRNT - Get Free Report) has earned an average recommendation of "Hold" from the six ratings firms that are currently covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $21.00.

KRNT has been the topic of a number of recent research reports. Morgan Stanley lifted their price target on shares of Kornit Digital from $17.00 to $18.00 and gave the stock an "equal weight" rating in a research note on Tuesday, June 23rd. Wall Street Zen raised shares of Kornit Digital from a "sell" rating to a "hold" rating in a report on Sunday, April 12th. Needham & Company LLC upped their target price on shares of Kornit Digital from $20.00 to $22.00 and gave the company a "buy" rating in a research note on Thursday, May 14th. Finally, Zacks Research lowered shares of Kornit Digital from a "hold" rating to a "strong sell" rating in a research report on Thursday, July 30th.

Kornit Digital Stock Up 2.6%

Kornit Digital stock opened at $17.08 on Friday. The business has a 50 day moving average price of $15.83 and a two-hundred day moving average price of $15.33. Kornit Digital has a 12 month low of $11.93 and a 12 month high of $19.78. The stock has a market cap of $733.93 million, a price-to-earnings ratio of -43.79 and a beta of 1.72.

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

Hedge Funds Weigh In On Kornit Digital

Hedge funds have recently modified their holdings of the stock. Van ECK Associates Corp raised its position in shares of Kornit Digital by 6.9% during the fourth quarter. Van ECK Associates Corp now owns 12,742 shares of the industrial products company's stock worth $183,000 after purchasing an additional 820 shares during the period. Public Employees Retirement System of Ohio grew its position in shares of Kornit Digital by 11.9% in the 4th quarter. Public Employees Retirement System of Ohio now owns 12,200 shares of the industrial products company's stock valued at $175,000 after purchasing an additional 1,300 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Kornit Digital in the 2nd quarter valued at approximately $31,000. State of Tennessee Department of Treasury bought a new stake in Kornit Digital during the 2nd quarter worth approximately $35,000. Finally, CIBC Private Wealth Group LLC increased its stake in Kornit Digital by 1,359.8% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,927 shares of the industrial products company's stock worth $26,000 after purchasing an additional 1,795 shares in the last quarter. 92.76% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source