Kornit Digital Ltd. (NASDAQ:KRNT) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Kornit Digital, Ltd. is engaged in developing, manufacturing and marketing industrial and commercial printing solutions. The company offers a portfolio of direct to garment printers from entry level to mass production; NeoPigment ink solutions; roll to roll printers and pretereatment systems and software for the garment and textile printing industry. Kornit Digital, Ltd. is headquartered in Rosh-Ha`Ayin, Israel. “
Several other research firms have also issued reports on KRNT. Stifel Nicolaus dropped their price objective on shares of Kornit Digital from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 3rd. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price objective on shares of Kornit Digital in a research report on Tuesday, July 5th. Canaccord Genuity reissued a “buy” rating and issued a $20.00 price objective on shares of Kornit Digital in a research report on Friday, July 1st. Finally, TheStreet raised shares of Kornit Digital from a “sell” rating to a “hold” rating in a research report on Monday, August 8th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $16.00.
Shares of Kornit Digital (NASDAQ:KRNT) traded up 2.93% during midday trading on Wednesday, reaching $9.85. 56,444 shares of the company were exchanged. The company has a market capitalization of $300.17 million, a PE ratio of 76.95 and a beta of -0.11. Kornit Digital has a 52-week low of $8.10 and a 52-week high of $13.50. The stock’s 50-day moving average price is $10.06 and its 200-day moving average price is $9.96.
Kornit Digital (NASDAQ:KRNT) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.02 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.04 by $0.02. The company had revenue of $24 million for the quarter, compared to analysts’ expectations of $24.53 million. Kornit Digital had a return on equity of 4.54% and a net margin of 4.12%. The business’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.07 EPS. Analysts anticipate that Kornit Digital will post $0.27 EPS for the current year.
A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Fund Advisors raised its stake in Kornit Digital by 148.2% in the first quarter. BlackRock Fund Advisors now owns 83,147 shares of the company’s stock worth $827,000 after buying an additional 49,649 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in Kornit Digital by 69.1% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 18,826 shares of the company’s stock worth $187,000 after buying an additional 7,692 shares during the last quarter. Geode Capital Management LLC raised its stake in Kornit Digital by 13.5% in the first quarter. Geode Capital Management LLC now owns 13,919 shares of the company’s stock worth $138,000 after buying an additional 1,651 shares during the last quarter. Granahan Investment Management Inc. MA raised its stake in Kornit Digital by 25.0% in the first quarter. Granahan Investment Management Inc. MA now owns 202,600 shares of the company’s stock worth $2,016,000 after buying an additional 40,500 shares during the last quarter. Finally, Kornitzer Capital Management Inc. KS purchased a new stake in Kornit Digital during the second quarter worth $344,000. 27.45% of the stock is owned by institutional investors and hedge funds.
About Kornit Digital
Kornit Digital Ltd. develops, designs and markets digital printing solutions for the global printed textile industry. The Company’s solutions include its digital printing systems, ink and other consumables, associated software and value added services. Its customers include custom decorators, online businesses, brand owners and contract printers.
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