Kornit Digital Ltd. (NASDAQ:KRNT) Given Consensus Rating of "Buy" by Brokerages

Key Points

• Kornit Digital Ltd. (NASDAQ:KRNT) has received a consensus recommendation of “Buy” from five analysts, with an average 1-year target price of $33.20.
• Institutional investors own approximately 92.76% of Kornit Digital's stock, with significant increases in holdings from several firms, including Deutsche Bank AG and California State Teachers Retirement System.
• The company's stock has recently traded down by 6.8%, opening at $18.65, while it has a market cap of $886.81 million and a P/E ratio of -103.61.

Shares of Kornit Digital Ltd. (NASDAQ:KRNT - Get Free Report) have been given an average recommendation of "Buy" by the five ratings firms that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokers that have covered the stock in the last year is $31.40.

A number of brokerages have recently issued reports on KRNT. Morgan Stanley reissued an "overweight" rating on shares of Kornit Digital in a research report on Thursday, May 15th. Barclays set a $22.00 price objective on shares of Kornit Digital and gave the company an "equal weight" rating in a report on Thursday. Finally, Needham & Company LLC reduced their price target on Kornit Digital from $30.00 to $25.00 and set a "buy" rating on the stock in a research report on Wednesday.

Institutional Investors Weigh In On Kornit Digital

Several hedge funds and other institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System raised its stake in shares of Kornit Digital by 1.2% during the 4th quarter. California State Teachers Retirement System now owns 46,855 shares of the industrial products company's stock valued at $1,450,000 after buying an additional 575 shares during the last quarter. American Century Companies Inc. grew its position in Kornit Digital by 8.5% during the fourth quarter. American Century Companies Inc. now owns 11,120 shares of the industrial products company's stock valued at $344,000 after buying an additional 874 shares during the period. Bank of New York Mellon Corp grew its position in shares of Kornit Digital by 9.2% during the 1st quarter. Bank of New York Mellon Corp now owns 13,539 shares of the industrial products company's stock valued at $258,000 after acquiring an additional 1,141 shares during the period. Deutsche Bank AG boosted its position in Kornit Digital by 31.5% during the fourth quarter. Deutsche Bank AG now owns 4,770 shares of the industrial products company's stock worth $148,000 after purchasing an additional 1,143 shares in the last quarter. Finally, Nebula Research & Development LLC raised its stake in shares of Kornit Digital by 11.1% during the 4th quarter. Nebula Research & Development LLC now owns 11,621 shares of the industrial products company's stock worth $360,000 after buying an additional 1,161 shares during the period. Hedge funds and other institutional investors own 92.76% of the company's stock.

Kornit Digital Stock Performance

Shares of NASDAQ:KRNT traded down $0.54 during midday trading on Friday, hitting $14.69. The company's stock had a trading volume of 423,387 shares, compared to its average volume of 298,768. The stock's 50 day simple moving average is $20.45 and its 200 day simple moving average is $21.86. The stock has a market capitalization of $698.56 million, a price-to-earnings ratio of -81.68 and a beta of 1.90. Kornit Digital has a fifty-two week low of $12.78 and a fifty-two week high of $34.28.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last issued 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 for the quarter, compared to analyst estimates of $52.07 million. Kornit Digital had a negative return on equity of 0.75% and a negative net margin of 4.19%. The company's quarterly revenue was up 2.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.02 earnings per share. As a group, analysts anticipate that Kornit Digital will post -0.2 EPS for the current 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.