Kornit Digital (NASDAQ:KRNT) Hits New 52-Week High – Here’s Why

Kornit Digital Ltd. (NASDAQ:KRNT) shares reached a new 52-week high on Tuesday . The stock traded as high as $32.57 and last traded at $32.49, with a volume of 13349 shares traded. The stock had previously closed at $32.25.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Needham & Company LLC upped their price target on shares of Kornit Digital from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Craig Hallum raised their price target on Kornit Digital from $27.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Morgan Stanley lifted their price target on Kornit Digital from $20.00 to $26.00 and gave the company an “overweight” rating in a research report on Friday, September 13th. StockNews.com raised Kornit Digital from a “sell” rating to a “hold” rating in a report on Thursday, August 8th. Finally, Barclays lifted their target price on Kornit Digital from $21.00 to $26.00 and gave the company an “equal weight” rating in a report on Tuesday, October 1st. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, Kornit Digital currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.00.

Kornit Digital Stock Down 0.8 %

The stock has a 50-day moving average of $24.69 and a 200-day moving average of $18.93. The company has a market cap of $1.51 billion, a PE ratio of -36.13 and a beta of 1.93.

Kornit Digital (NASDAQ:KRNT) last issued its quarterly earnings results on Wednesday, November 6th. The industrial products company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.04. The firm had revenue of $50.73 million during the quarter, compared to the consensus estimate of $50.44 million. Kornit Digital had a negative return on equity of 2.17% and a negative net margin of 21.00%. The company’s revenue for the quarter was down 14.3% on a year-over-year basis. During the same quarter last year, the company posted ($0.17) EPS. Research analysts expect that Kornit Digital Ltd. will post -0.2 EPS for the current year.

Institutional Trading of Kornit Digital

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Tidal Investments LLC bought a new position in Kornit Digital in the first quarter valued at $664,000. Harbor Capital Advisors Inc. raised its holdings in shares of Kornit Digital by 217.0% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 80,466 shares of the industrial products company’s stock valued at $1,178,000 after buying an additional 55,086 shares in the last quarter. Tectonic Advisors LLC bought a new stake in Kornit Digital in the 3rd quarter worth approximately $705,000. Disciplined Growth Investors Inc. MN boosted its stake in Kornit Digital by 5.7% in the second quarter. Disciplined Growth Investors Inc. MN now owns 2,060,575 shares of the industrial products company’s stock worth $30,167,000 after buying an additional 111,971 shares in the last quarter. Finally, Lisanti Capital Growth LLC bought a new position in Kornit Digital during the third quarter valued at approximately $2,523,000. Hedge funds and other institutional investors own 92.76% of the company’s stock.

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.