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

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 objective lowered by Needham & Company LLC from $30.00 to $25.00 in a research note published on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the industrial products company's stock.

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

Kornit Digital Trading Up 2.0%

KRNT traded up $0.30 during trading on Wednesday, hitting $15.09. 530,668 shares of the company traded hands, compared to its average volume of 368,511. The company has a market cap of $675.88 million, a PE ratio of -60.36 and a beta of 1.90. The stock's 50-day simple moving average is $20.17 and its two-hundred day simple moving average is $21.53. Kornit Digital has a 1 year low of $12.78 and a 1 year high of $34.28.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last issued its earnings results on Wednesday, August 6th. The industrial products company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.01. Kornit Digital had a negative return on equity of 0.74% and a negative net margin of 5.43%. The firm had revenue of $49.75 million for the quarter, compared to analysts' expectations of $52.07 million. During the same period in the previous year, the firm posted $0.02 earnings per share. The business's revenue was up 2.5% compared to the same quarter last year. Equities analysts expect that Kornit Digital will post -0.2 EPS for the current year.

Institutional Trading of Kornit Digital

A number of institutional investors have recently made changes to their positions in KRNT. American Century Companies Inc. lifted its stake in Kornit Digital by 8.5% in the 4th quarter. American Century Companies Inc. now owns 11,120 shares of the industrial products company's stock worth $344,000 after purchasing an additional 874 shares in the last quarter. Pictet Asset Management Holding SA purchased a new position in shares of Kornit Digital during the 4th quarter worth $203,000. Geode Capital Management LLC boosted its holdings in Kornit Digital by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 85,167 shares of the industrial products company's stock valued at $2,636,000 after purchasing an additional 1,938 shares during the last quarter. ExodusPoint Capital Management LP acquired a new position in shares of Kornit Digital in the 4th quarter valued at $942,000. Finally, Envestnet Asset Management Inc. boosted its stake in Kornit Digital by 29.9% during the fourth quarter. Envestnet Asset Management Inc. now owns 110,465 shares of the industrial products company's stock worth $3,419,000 after buying an additional 25,446 shares during the period. 92.76% of the stock is owned by institutional investors and hedge funds.

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.