Kornit Digital (NASDAQ:KRNT) Raised to Hold at Wall Street Zen

Kornit Digital (NASDAQ:KRNT) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report issued on Sunday.

Other equities research analysts have also issued reports about the company. Needham & Company LLC reiterated a “buy” rating and set a $20.00 price target on shares of Kornit Digital in a report on Wednesday, February 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Kornit Digital in a report on Wednesday, March 25th. Finally, Morgan Stanley reiterated a “positive” rating and set a $17.00 price target on shares of Kornit Digital in a report on Wednesday, February 11th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $20.25.

Kornit Digital Price Performance

Shares of Kornit Digital stock opened at $16.28 on Friday. The firm has a market cap of $729.26 million, a price-to-earnings ratio of -52.51 and a beta of 1.79. Kornit Digital has a 52-week low of $11.93 and a 52-week high of $23.48. The stock has a 50-day simple moving average of $15.02 and a 200-day simple moving average of $14.23.

Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings results on Wednesday, February 11th. The industrial products company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.04. The business had revenue of $58.86 million during the quarter, compared to analyst estimates of $58.16 million. Kornit Digital had a negative return on equity of 1.07% and a negative net margin of 6.49%.The firm’s revenue was down 3.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.18 EPS. As a group, equities research analysts predict that Kornit Digital will post -0.2 earnings per share for the current year.

Institutional Investors Weigh In On Kornit Digital

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Van ECK Associates Corp lifted its holdings in Kornit Digital by 6.9% in the 4th quarter. Van ECK Associates Corp now owns 12,742 shares of the industrial products company’s stock worth $183,000 after purchasing an additional 820 shares during the last quarter. Public Employees Retirement System of Ohio lifted its holdings in Kornit Digital by 11.9% in the 4th quarter. Public Employees Retirement System of Ohio now owns 12,200 shares of the industrial products company’s stock worth $175,000 after purchasing an additional 1,300 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Kornit Digital in the 2nd quarter worth approximately $31,000. State of Tennessee Department of Treasury acquired a new stake in Kornit Digital in the 2nd quarter worth approximately $35,000. Finally, CIBC Private Wealth Group LLC lifted its holdings in Kornit Digital by 1,359.8% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,927 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 1,795 shares during the last quarter. 92.76% of the stock is currently owned by institutional investors and hedge funds.

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.