Kornit Digital (NASDAQ:KRNT) Sets New 1-Year Low Following Analyst Downgrade

Key Points

• Kornit Digital's stock reached a new 52-week low of $12.78, down from a previous close of $19.18, with a trading volume of 357,551 shares.
• Analysts maintain a consensus rating of "Moderate Buy" for Kornit Digital, with an average target price of $33.20, indicating potential upside despite recent declines.
• Large institutional investors hold approximately 92.76% of Kornit Digital's stock, demonstrating significant confidence in the company's future prospects.

Kornit Digital Ltd. (NASDAQ:KRNT - Get Free Report) shares reached a new 52-week low during mid-day trading on Wednesday after Needham & Company LLC lowered their price target on the stock from $30.00 to $25.00. Needham & Company LLC currently has a buy rating on the stock. Kornit Digital traded as low as $12.78 and last traded at $15.59, with a volume of 357551 shares traded. The stock had previously closed at $19.18.

Separately, Morgan Stanley restated an "overweight" rating on shares of Kornit Digital in a research report on Thursday, May 15th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $31.40.

Institutional Investors Weigh In On Kornit Digital

Several institutional investors and hedge funds have recently bought and sold shares of the business. Kornitzer Capital Management Inc. KS lifted its holdings in Kornit Digital by 1.1% in the 2nd quarter. Kornitzer Capital Management Inc. KS now owns 366,505 shares of the industrial products company's stock worth $7,297,000 after buying an additional 4,000 shares during the period. Stephens Investment Management Group LLC lifted its stake in shares of Kornit Digital by 12.8% in the 2nd quarter. Stephens Investment Management Group LLC now owns 1,526,904 shares of the industrial products company's stock valued at $30,401,000 after purchasing an additional 173,492 shares during the period. Thompson Investment Management Inc. lifted its stake in shares of Kornit Digital by 1.8% in the 2nd quarter. Thompson Investment Management Inc. now owns 293,007 shares of the industrial products company's stock valued at $5,834,000 after purchasing an additional 5,208 shares during the period. Blair William & Co. IL lifted its stake in shares of Kornit Digital by 19.4% in the 2nd quarter. Blair William & Co. IL now owns 519,574 shares of the industrial products company's stock valued at $10,345,000 after purchasing an additional 84,593 shares during the period. Finally, Fortitude Family Office LLC purchased a new position in Kornit Digital during the second quarter valued at $99,000. Hedge funds and other institutional investors own 92.76% of the company's stock.

Kornit Digital Stock Performance

The stock has a 50 day simple moving average of $20.17 and a 200-day simple moving average of $21.53.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The industrial products company reported $0.03 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.01. The business had revenue of $49.75 million during the quarter, compared to analysts' expectations 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 previous year, the business earned $0.02 earnings per share. As a group, equities research analysts forecast that Kornit Digital Ltd. will post -0.2 EPS for the current fiscal 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.