Kornit Digital Ltd. (NASDAQ:KRNT) Receives Average Rating of “Hold” from Analysts

Shares of Kornit Digital Ltd. (NASDAQ:KRNT) have been assigned a consensus rating of “Hold” from the five brokerages that are presently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $20.75.

A number of brokerages recently weighed in on KRNT. Needham & Company LLC lifted their price target on Kornit Digital from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. Morgan Stanley reissued a “positive” rating and issued a $17.00 price target on shares of Kornit Digital in a research note on Wednesday, February 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Kornit Digital in a research note on Wednesday, March 25th. Finally, Wall Street Zen raised Kornit Digital from a “sell” rating to a “hold” rating in a research note on Sunday, April 12th.

Kornit Digital Stock Performance

Shares of KRNT opened at $16.13 on Monday. The business’s 50-day moving average price is $15.43 and its 200 day moving average price is $14.66. The stock has a market capitalization of $722.46 million, a P/E ratio of -41.36 and a beta of 1.76. Kornit Digital has a 1-year low of $11.93 and a 1-year high of $23.32.

Kornit Digital (NASDAQ:KRNT) last issued its quarterly earnings results on Wednesday, May 13th. The industrial products company reported ($0.01) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.01). The firm had revenue of $48.54 million for the quarter, compared to analysts’ expectations 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 was up 4.4% on a year-over-year basis. During the same quarter last year, the business posted $0.01 EPS. On average, research analysts predict that Kornit Digital will post -0.17 earnings per share for the current year.

Hedge Funds Weigh In On Kornit Digital

Institutional investors and hedge funds have recently bought and sold shares of the business. Polar Asset Management Partners Inc. grew its stake in Kornit Digital by 21.1% during the 3rd quarter. Polar Asset Management Partners Inc. now owns 779,559 shares of the industrial products company’s stock valued at $10,524,000 after acquiring an additional 135,709 shares in the last quarter. Invenomic Capital Management LP purchased a new position in Kornit Digital during the 3rd quarter valued at about $6,356,000. Medina Value Partners LLC purchased a new position in Kornit Digital during the 3rd quarter valued at about $12,732,000. Thompson Investment Management Inc. grew its stake in Kornit Digital by 11.0% during the 4th quarter. Thompson Investment Management Inc. now owns 876,977 shares of the industrial products company’s stock valued at $12,611,000 after acquiring an additional 87,216 shares in the last quarter. Finally, Ironwood Investment Management LLC acquired a new stake in shares of Kornit Digital during the 3rd quarter valued at about $1,006,000. Hedge funds and other institutional investors own 92.76% of the company’s stock.

About Kornit Digital

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.