Kornit Digital (NASDAQ:KRNT) Cut to “Sell” at Wall Street Zen

Wall Street Zen downgraded shares of Kornit Digital (NASDAQ:KRNT) from a hold rating to a sell rating in a research report released on Saturday.

KRNT has been the subject of a number of other research reports. Barclays dropped their price objective on shares of Kornit Digital from $22.00 to $18.00 and set an “equal weight” rating for the company in a report on Thursday, November 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Kornit Digital in a research note on Wednesday, February 11th. Morgan Stanley reissued a “positive” rating and issued a $17.00 price objective on shares of Kornit Digital in a research note on Wednesday, February 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Kornit Digital in a report on Friday, December 26th. Finally, Cantor Fitzgerald cut their target price on Kornit Digital from $28.50 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, November 6th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Kornit Digital has an average rating of “Hold” and a consensus price target of $20.25.

Kornit Digital Stock Performance

Shares of NASDAQ:KRNT opened at $15.97 on Friday. The company has a fifty day moving average of $14.33 and a 200-day moving average of $14.28. The company has a market capitalization of $715.30 million, a PE ratio of -51.51 and a beta of 1.87. Kornit Digital has a 52-week low of $11.93 and a 52-week high of $29.12.

Kornit Digital (NASDAQ:KRNT) last released its quarterly earnings data on Wednesday, February 11th. The industrial products company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.04. The company had revenue of $58.86 million for the quarter, compared to the consensus estimate of $58.16 million. Kornit Digital had a negative return on equity of 1.07% and a negative net margin of 6.49%.Kornit Digital’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter last year, the business posted $0.18 EPS. On average, equities analysts forecast that Kornit Digital will post -0.2 EPS for the current fiscal year.

Kornit Digital announced that its board has authorized a stock repurchase plan on Monday, November 17th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the industrial products company to buy up to 17.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Kornit Digital

A number of large investors have recently bought and sold shares of KRNT. Medina Value Partners LLC acquired a new position in shares of Kornit Digital during the third quarter valued at about $12,732,000. Morgan Stanley increased its position 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 valued at $57,499,000 after buying an additional 838,814 shares in the last quarter. Dudley & Shanley Inc. increased its position in Kornit Digital by 97.5% in the 3rd quarter. Dudley & Shanley Inc. now owns 1,258,895 shares of the industrial products company’s stock valued at $16,995,000 after buying an additional 621,595 shares in the last quarter. Hood River Capital Management LLC raised its stake in Kornit Digital by 39.1% during the 2nd quarter. Hood River Capital Management LLC now owns 2,182,569 shares of the industrial products company’s stock worth $43,455,000 after buying an additional 613,070 shares during the period. Finally, Baillie Gifford & Co. boosted its holdings in Kornit Digital by 61.7% in the fourth quarter. Baillie Gifford & Co. now owns 1,565,079 shares of the industrial products company’s stock worth $22,506,000 after acquiring an additional 597,128 shares in the last quarter. 92.76% of the stock is currently 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.