Kornit Digital (NASDAQ:KRNT) Raised to Hold at Zacks Research

Kornit Digital (NASDAQ:KRNT) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

A number of other analysts also recently commented on KRNT. Morgan Stanley increased their price objective on shares of Kornit Digital from $18.00 to $19.00 and gave the company an “equal weight” rating in a report on Thursday, August 13th. Needham & Company LLC boosted their target price on Kornit Digital from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Finally, Weiss Ratings lowered Kornit Digital from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, August 12th. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $21.50.

Kornit Digital Stock Up 1.6%

Kornit Digital stock opened at $16.74 on Monday. Kornit Digital has a 52-week low of $11.93 and a 52-week high of $19.78. The firm has a market capitalization of $719.32 million, a price-to-earnings ratio of -34.88 and a beta of 1.72. The company has a fifty day simple moving average of $16.14 and a 200-day simple moving average of $15.65.

Kornit Digital (NASDAQ:KRNT) last issued its earnings results on Wednesday, August 12th. The industrial products company reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.05. The business had revenue of $55.32 million during the quarter, compared to analysts’ expectations of $52.80 million. Kornit Digital had a negative net margin of 9.42% and a negative return on equity of 1.00%. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.03 earnings per share. On average, research analysts anticipate that Kornit Digital will post -0.23 EPS for the current fiscal year.

Hedge Funds Weigh In On Kornit Digital

Institutional investors and hedge funds have recently bought and sold shares of the company. Invenomic Capital Management LP grew its stake in shares of Kornit Digital by 196.9% in the 4th quarter. Invenomic Capital Management LP now owns 1,397,950 shares of the industrial products company’s stock valued at $20,103,000 after buying an additional 927,169 shares during the period. Assenagon Asset Management S.A. raised its position in shares of Kornit Digital by 185.2% during the 1st quarter. Assenagon Asset Management S.A. now owns 1,292,586 shares of the industrial products company’s stock valued at $18,949,000 after buying an additional 839,336 shares during the period. Morgan Stanley raised its position in shares of Kornit Digital by 26.5% during the 4th quarter. Morgan Stanley now owns 3,998,548 shares of the industrial products company’s stock valued at $57,499,000 after buying an additional 838,814 shares during the period. California State Teachers Retirement System lifted its holdings in Kornit Digital by 1,557.0% in the second quarter. California State Teachers Retirement System now owns 786,581 shares of the industrial products company’s stock valued at $12,782,000 after acquiring an additional 739,112 shares during the last quarter. Finally, Artisan Partners Limited Partnership lifted its holdings in Kornit Digital by 32.6% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,647,804 shares of the industrial products company’s stock valued at $38,075,000 after acquiring an additional 650,283 shares during the last quarter. 92.76% of the stock is currently owned by institutional investors and hedge funds.

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.