Needham & Company LLC Cuts Kornit Digital (NASDAQ:KRNT) Price Target to $25.00

Key Points

• Needham & Company LLC has lowered its price target for Kornit Digital (NASDAQ: KRNT) from $30.00 to $25.00, suggesting a potential upside of 65.02% from the stock's previous close.
• Despite the lowered target, Kornit Digital maintains a "buy" rating, with Morgan Stanley reaffirming an "overweight" rating and a consensus rating of "Moderate Buy."
• Kornit Digital's shares recently traded at $15.15, experiencing significant trading volume and exhibiting a market cap of approximately $720.38 million.

Kornit Digital (NASDAQ:KRNT - Free Report) had its price target reduced by Needham & Company LLC from $30.00 to $25.00 in a research report released on Wednesday,Benzinga reports. They currently have a buy rating on the industrial products company's stock.

Separately, Morgan Stanley reissued an "overweight" rating on shares of Kornit Digital in a research report on Thursday, May 15th. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Kornit Digital has a consensus rating of "Moderate Buy" and a consensus price target of $31.40.

Kornit Digital Stock Up 2.8%

NASDAQ:KRNT traded up $0.41 during trading hours on Wednesday, reaching $15.20. The company had a trading volume of 116,419 shares, compared to its average volume of 299,605. Kornit Digital has a twelve month low of $12.78 and a twelve month high of $34.28. The firm has a market cap of $722.76 million, a price-to-earnings ratio of -60.80 and a beta of 1.90. The business's 50-day simple moving average is $20.30 and its two-hundred day simple moving average is $21.76.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last issued its earnings results on Wednesday, August 6th. The industrial products company reported $0.03 EPS for the quarter, beating the consensus estimate of $0.02 by $0.01. Kornit Digital had a negative return on equity of 0.73% and a negative net margin of 5.43%. The company had revenue of $49.75 million during the quarter, compared to the consensus estimate of $52.07 million. During the same period last year, the business posted $0.02 EPS. The firm's revenue for the quarter was up 2.5% compared to the same quarter last year. As a group, equities analysts predict that Kornit Digital will post -0.2 earnings per share for the current year.

Institutional Trading of Kornit Digital

A number of hedge funds have recently bought and sold shares of KRNT. Russell Investments Group Ltd. increased its position in shares of Kornit Digital by 654.5% during the 4th quarter. Russell Investments Group Ltd. now owns 2,075 shares of the industrial products company's stock valued at $64,000 after purchasing an additional 1,800 shares during the last quarter. Fortitude Family Office LLC bought a new position in Kornit Digital during the second quarter valued at about $99,000. Headlands Technologies LLC purchased a new stake in Kornit Digital during the first quarter worth about $101,000. Deutsche Bank AG increased its holdings 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 buying an additional 1,143 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new stake in Kornit Digital in the fourth quarter worth about $159,000. 92.76% of the stock is currently owned by institutional investors.

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.