Kornit Digital (NASDAQ:KRNT) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of Kornit Digital (NASDAQ:KRNT) from a strong sell rating to a hold rating in a research report sent to investors on Monday,Zacks.com reports.

Other analysts have also recently issued research reports about the stock. Weiss Ratings cut shares of Kornit Digital from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, August 12th. Needham & Company LLC raised their price objective on Kornit Digital from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Finally, Morgan Stanley lifted their target price on Kornit Digital from $18.00 to $19.00 and gave the stock an “equal weight” rating in a report on Thursday, August 13th. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Kornit Digital presently has a consensus rating of “Hold” and a consensus target price of $21.50.

Kornit Digital Trading Up 1.6%

NASDAQ KRNT opened at $16.74 on Monday. Kornit Digital has a 12 month low of $11.93 and a 12 month high of $19.78. The stock’s 50 day moving average is $16.14 and its 200 day moving average is $15.65. The stock has a market cap of $719.32 million, a PE ratio of -34.88 and a beta of 1.72.

Kornit Digital (NASDAQ:KRNT) last released its quarterly earnings data on Wednesday, August 12th. The industrial products company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.05. Kornit Digital had a negative net margin of 9.42% and a negative return on equity of 1.00%. The firm had revenue of $55.32 million for the quarter, compared to analysts’ expectations of $52.80 million. During the same quarter last year, the business posted $0.03 earnings per share. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, analysts forecast that Kornit Digital will post -0.23 EPS for the current fiscal year.

Institutional Trading of Kornit Digital

Several hedge funds have recently made changes to their positions in KRNT. Senvest Management LLC grew its position in Kornit Digital by 4.1% in the fourth quarter. Senvest Management LLC now owns 4,141,355 shares of the industrial products company’s stock worth $59,553,000 after acquiring an additional 162,100 shares in the last quarter. Morgan Stanley lifted its stake in shares of Kornit Digital by 26.5% in the 4th quarter. Morgan Stanley now owns 3,998,548 shares of the industrial products company’s stock valued at $57,499,000 after purchasing an additional 838,814 shares during the last quarter. Artisan Partners Limited Partnership lifted its stake in shares of 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 valued at $38,075,000 after purchasing an additional 650,283 shares during the last quarter. Granahan Investment Management LLC boosted its holdings in shares of Kornit Digital by 31.4% in 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 purchasing an additional 614,513 shares during the period. Finally, Invenomic Capital Management LP boosted its holdings 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 worth $20,103,000 after purchasing an additional 927,169 shares during the period. 92.76% of the stock is currently owned by hedge funds and other institutional investors.

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.