Invenomic Capital Management LP Purchases 927,169 Shares of Kornit Digital Ltd. $KRNT

Invenomic Capital Management LP boosted its position in Kornit Digital Ltd. (NASDAQ:KRNT) by 196.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,397,950 shares of the industrial products company’s stock after buying an additional 927,169 shares during the period. Invenomic Capital Management LP’s holdings in Kornit Digital were worth $20,103,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Senvest Management LLC increased its position in Kornit Digital by 4.1% in the 4th quarter. Senvest Management LLC now owns 4,141,355 shares of the industrial products company’s stock valued at $59,553,000 after buying an additional 162,100 shares in the last quarter. Morgan Stanley increased its position in Kornit Digital by 26.5% in 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 in the last quarter. Artisan Partners Limited Partnership increased its position in Kornit Digital by 32.6% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,647,804 shares of the industrial products company’s stock valued at $38,075,000 after buying an additional 650,283 shares in the last quarter. Granahan Investment Management LLC increased its position in Kornit Digital by 31.4% in the 4th quarter. Granahan Investment Management LLC now owns 2,569,663 shares of the industrial products company’s stock valued at $36,952,000 after buying an additional 614,513 shares in the last quarter. Finally, Baillie Gifford & Co. increased its position in Kornit Digital by 61.7% in the 4th quarter. Baillie Gifford & Co. now owns 1,565,079 shares of the industrial products company’s stock valued at $22,506,000 after buying an additional 597,128 shares in the last quarter. 92.76% of the stock is owned by institutional investors.

Kornit Digital Stock Up 4.3%

KRNT stock opened at $16.66 on Thursday. Kornit Digital Ltd. has a twelve month low of $11.93 and a twelve month high of $22.06. The stock’s 50 day moving average is $15.75 and its 200-day moving average is $14.94. The firm has a market capitalization of $746.20 million, a PE ratio of -42.72 and a beta of 1.75.

Kornit Digital (NASDAQ:KRNT) last posted its earnings results on Wednesday, May 13th. The industrial products company reported ($0.01) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.01). Kornit Digital had a negative return on equity of 1.15% and a negative net margin of 7.93%.The company had revenue of $48.54 million for the quarter, compared to analyst estimates of $46.67 million. During the same quarter last year, the company earned $0.01 earnings per share. The company’s revenue for the quarter was up 4.4% on a year-over-year basis. On average, equities research analysts anticipate that Kornit Digital Ltd. will post -0.17 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently commented on KRNT. Needham & Company LLC boosted their target price on Kornit Digital from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Kornit Digital in a research report on Wednesday, March 25th. Finally, Wall Street Zen raised shares of Kornit Digital from a “sell” rating to a “hold” rating in a research report on Sunday, April 12th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $20.75.

Kornit Digital Profile

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.