Kornit Digital (NASDAQ:KRNT) Rating Lowered to “Strong Sell” at Zacks Research

Kornit Digital (NASDAQ:KRNT) was downgraded by analysts at 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.

A number of other brokerages also recently commented on KRNT. Morgan Stanley boosted their price objective 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. Wall Street Zen raised Kornit Digital from a “sell” rating to a “hold” rating in a research report on Sunday, April 12th. Finally, Needham & Company LLC lifted their price target on Kornit Digital from $20.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, May 14th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $21.00.

Kornit Digital Price Performance

Shares of Kornit Digital stock opened at $15.22 on Thursday. The stock has a market cap of $654.00 million, a price-to-earnings ratio of -39.03 and a beta of 1.73. The firm’s 50-day moving average is $15.74 and its two-hundred day moving average is $15.26. Kornit Digital has a 1 year low of $11.93 and a 1 year high of $20.73.

Kornit Digital (NASDAQ:KRNT) last posted its quarterly earnings results on Wednesday, May 13th. The industrial products company reported ($0.01) EPS 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 business had revenue of $48.54 million during the quarter, compared to analyst estimates of $46.67 million. During the same quarter in the previous year, the business posted $0.01 EPS. The company’s quarterly revenue was up 4.4% compared to the same quarter last year. On average, equities analysts expect that Kornit Digital will post -0.31 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in KRNT. Senvest Management LLC lifted its holdings in shares of Kornit Digital by 4.1% during the fourth quarter. Senvest Management LLC now owns 4,141,355 shares of the industrial products company’s stock worth $59,553,000 after purchasing an additional 162,100 shares during the period. Morgan Stanley increased its holdings 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 worth $57,499,000 after buying an additional 838,814 shares during the period. Artisan Partners Limited Partnership increased its holdings 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 worth $38,075,000 after buying an additional 650,283 shares during the period. Granahan Investment Management LLC raised its position in Kornit Digital by 31.4% during the 4th quarter. Granahan Investment Management LLC now owns 2,569,663 shares of the industrial products company’s stock worth $36,952,000 after buying an additional 614,513 shares during the last quarter. Finally, Baillie Gifford & Co. lifted its stake in Kornit Digital by 61.7% during 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 acquiring an additional 597,128 shares during the period. 92.76% of the stock is owned by institutional investors and hedge funds.

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.