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

Shares of Kornit Digital Ltd. (NASDAQ:KRNT) have received a consensus recommendation of “Hold” from the five brokerages that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and two have given a buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $21.00.

A number of equities research analysts have weighed in on KRNT shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Kornit Digital in a research report on Wednesday, March 25th. Wall Street Zen upgraded Kornit Digital from a “sell” rating to a “hold” rating in a report on Sunday, April 12th. Needham & Company LLC lifted 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. Finally, Morgan Stanley boosted their price target on shares of Kornit Digital from $17.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 23rd.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in KRNT. Invenomic Capital Management LP boosted 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. increased its stake in shares of Kornit Digital by 185.2% during the first quarter. Assenagon Asset Management S.A. now owns 1,292,586 shares of the industrial products company’s stock worth $18,949,000 after buying an additional 839,336 shares during the period. Morgan Stanley increased its stake in shares of Kornit Digital by 26.5% during the fourth quarter. Morgan Stanley now owns 3,998,548 shares of the industrial products company’s stock worth $57,499,000 after buying an additional 838,814 shares during the period. Artisan Partners Limited Partnership increased its stake in shares of Kornit Digital by 32.6% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,647,804 shares of the industrial products company’s stock worth $38,075,000 after buying an additional 650,283 shares during the period. Finally, Granahan Investment Management LLC raised its holdings in Kornit Digital by 31.4% in the fourth quarter. Granahan Investment Management LLC now owns 2,569,663 shares of the industrial products company’s stock valued at $36,952,000 after acquiring an additional 614,513 shares in the last quarter. Institutional investors and hedge funds own 92.76% of the company’s stock.

Kornit Digital Price Performance

Shares of Kornit Digital stock opened at $15.06 on Tuesday. The business has a 50 day simple moving average of $15.72 and a two-hundred day simple moving average of $15.23. Kornit Digital has a 12 month low of $11.93 and a 12 month high of $22.06. The stock has a market capitalization of $674.61 million, a P/E ratio of -38.62 and a beta of 1.73.

Kornit Digital (NASDAQ:KRNT) last released its earnings results on Wednesday, May 13th. The industrial products company reported ($0.01) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.01). Kornit Digital had a negative net margin of 7.93% and a negative return on equity of 1.15%. The business had revenue of $48.54 million during the quarter, compared to analyst estimates of $46.67 million. During the same quarter in the prior year, the firm earned $0.01 earnings per share. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. As a group, research analysts anticipate that Kornit Digital will post -0.28 EPS for the current fiscal year.

Kornit Digital Company 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.