Kornit Digital Ltd. (KRNT) Stock Rating Lowered by Zacks Investment Research
Kornit Digital Ltd. (NASDAQ:KRNT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors 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. “
Other analysts also recently issued research reports about the company. Stifel Nicolaus decreased their price target on Kornit Digital from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, September 27th. Craig Hallum cut their price objective on Kornit Digital from $20.00 to $26.00 in a research note on Thursday, September 28th. Barclays PLC cut their price objective on Kornit Digital from $22.00 to $18.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 27th. BidaskClub lowered Kornit Digital from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. Finally, Needham & Company LLC reduced their target price on Kornit Digital from $22.00 to $19.00 and set a “buy” rating for the company in a report on Wednesday, September 27th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $18.86.
Shares of Kornit Digital (KRNT) opened at 15.40 on Wednesday. The firm’s market cap is $519.52 million. Kornit Digital has a 1-year low of $9.00 and a 1-year high of $19.30. The stock has a 50 day moving average price of $16.99 and a 200-day moving average price of $16.99.
Kornit Digital (NASDAQ:KRNT) last posted its earnings results on Monday, August 7th. The industrial products company reported $0.06 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.04. Kornit Digital had a positive return on equity of 7.05% and a negative net margin of 0.29%. The company had revenue of $28.59 million for the quarter, compared to analyst estimates of $29.81 million. During the same period last year, the company earned $0.02 earnings per share. The business’s revenue was up 19.4% compared to the same quarter last year. On average, equities research analysts expect that Kornit Digital will post $0.18 earnings per share for the current fiscal year.
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Large investors have recently modified their holdings of the company. Public Employees Retirement Association of Colorado bought a new position in shares of Kornit Digital in the second quarter worth about $101,000. Cowen Prime Services LLC lifted its position in shares of Kornit Digital by 104.8% during the 2nd quarter. Cowen Prime Services LLC now owns 6,058 shares of the industrial products company’s stock worth $117,000 after purchasing an additional 3,100 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Kornit Digital by 49.4% during the 2nd quarter. Van ECK Associates Corp now owns 7,813 shares of the industrial products company’s stock worth $151,000 after purchasing an additional 2,583 shares during the last quarter. Wells Fargo & Company MN lifted its position in shares of Kornit Digital by 1,540.0% during the 2nd quarter. Wells Fargo & Company MN now owns 8,200 shares of the industrial products company’s stock worth $159,000 after purchasing an additional 7,700 shares during the last quarter. Finally, Sei Investments Co. lifted its position in shares of Kornit Digital by 104.3% during the 1st quarter. Sei Investments Co. now owns 9,111 shares of the industrial products company’s stock worth $174,000 after purchasing an additional 4,652 shares during the last quarter. 73.33% of the stock is currently owned by institutional investors.
Kornit Digital Company Profile
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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