Polar Asset Management Partners Inc. Acquires 135,709 Shares of Kornit Digital Ltd. $KRNT

Polar Asset Management Partners Inc. increased its holdings in Kornit Digital Ltd. (NASDAQ:KRNT) by 21.1% in the third quarter, Holdings Channel.com reports. The firm owned 779,559 shares of the industrial products company’s stock after acquiring an additional 135,709 shares during the period. Polar Asset Management Partners Inc.’s holdings in Kornit Digital were worth $10,524,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. CIBC Private Wealth Group LLC raised its position 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 period. Johnson Financial Group Inc. purchased a new stake in Kornit Digital during the third quarter valued at about $27,000. Raymond James Financial Inc. purchased a new stake in Kornit Digital during the second quarter valued at about $31,000. State of Tennessee Department of Treasury bought a new position in shares of Kornit Digital during the second quarter valued at about $35,000. Finally, Fortitude Family Office LLC grew its stake in shares of Kornit Digital by 64.2% during the third quarter. Fortitude Family Office LLC now owns 8,164 shares of the industrial products company’s stock valued at $110,000 after buying an additional 3,191 shares during the last quarter. Institutional investors own 92.76% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on KRNT. Needham & Company LLC reissued a “buy” rating and issued a $20.00 target price 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 research report on Friday, December 26th. Wall Street Zen raised Kornit Digital from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. Finally, Morgan Stanley reaffirmed a “positive” rating and issued a $17.00 price target on shares of Kornit Digital in a research note on Wednesday, February 11th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Kornit Digital presently has an average rating of “Hold” and a consensus target price of $20.25.

Kornit Digital Stock Down 1.5%

Shares of KRNT opened at $14.20 on Thursday. The stock has a market capitalization of $636.02 million, a P/E ratio of -45.80 and a beta of 1.79. Kornit Digital Ltd. has a twelve month low of $11.93 and a twelve month high of $23.48. The firm has a fifty day simple moving average of $14.65 and a two-hundred day simple moving average of $14.19.

Kornit Digital (NASDAQ:KRNT) last released its quarterly earnings data on Wednesday, February 11th. The industrial products company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.04. The firm had revenue of $58.86 million for the quarter, compared to analysts’ expectations of $58.16 million. Kornit Digital had a negative net margin of 6.49% and a negative return on equity of 1.07%. The company’s revenue for the quarter was down 3.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.18 earnings per share. Sell-side analysts expect that Kornit Digital Ltd. will post -0.2 EPS for the current fiscal year.

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.