Kornit Digital (NASDAQ:KRNT) Lowered to Strong Sell Rating by Zacks Research

Kornit Digital (NASDAQ:KRNT) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Other research analysts have also recently issued research reports about the company. Needham & Company LLC raised their price target on Kornit Digital from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Wall Street Zen raised Kornit Digital from a “sell” rating to a “hold” rating in a research note on Sunday, April 12th. Finally, Morgan Stanley upped their price objective on Kornit Digital from $17.00 to $18.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 23rd. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $21.00.

Kornit Digital Price Performance

KRNT stock opened at $15.22 on Thursday. The firm has a 50 day simple moving average of $15.74 and a two-hundred day simple moving average of $15.26. The stock has a market cap of $654.00 million, a PE ratio of -39.03 and a beta of 1.73. Kornit Digital has a one year low of $11.93 and a one year high of $20.73.

Kornit Digital (NASDAQ:KRNT) last posted its quarterly earnings data on Wednesday, May 13th. The industrial products company reported ($0.01) earnings per share for the quarter, meeting the consensus estimate of ($0.01). Kornit Digital had a negative net margin of 7.93% and a negative return on equity of 1.15%. The firm had revenue of $48.54 million for the quarter, compared to analysts’ expectations of $46.67 million. During the same quarter last year, the company posted $0.01 EPS. The business’s quarterly revenue was up 4.4% on a year-over-year basis. On average, research analysts expect that Kornit Digital will post -0.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Kornit Digital

Institutional investors have recently made changes to their positions in the business. Wasatch Advisors LP raised its position in Kornit Digital by 145.9% in the 2nd quarter. Wasatch Advisors LP now owns 433,968 shares of the industrial products company’s stock worth $7,052,000 after purchasing an additional 257,478 shares during the period. Janus Henderson Group PLC boosted its position in Kornit Digital by 13.7% during the first quarter. Janus Henderson Group PLC now owns 793,194 shares of the industrial products company’s stock valued at $11,628,000 after buying an additional 95,693 shares during the period. Amundi bought a new position in shares of Kornit Digital during the first quarter valued at about $214,000. Renaissance Technologies LLC increased its holdings in shares of Kornit Digital by 44.5% in the first quarter. Renaissance Technologies LLC now owns 91,500 shares of the industrial products company’s stock worth $1,341,000 after buying an additional 28,200 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Kornit Digital by 97.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 470,962 shares of the industrial products company’s stock valued at $6,904,000 after acquiring an additional 232,808 shares during the last quarter. 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.