Wall Street Zen Downgrades Kornit Digital (NASDAQ:KRNT) to Sell

Kornit Digital (NASDAQ:KRNT) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Saturday.

Other analysts have also recently issued reports about the stock. Morgan Stanley reissued a “positive” rating and set a $17.00 price objective on shares of Kornit Digital in a research note on Wednesday, February 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Kornit Digital in a research report on Wednesday, March 25th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $20.00 target price on shares of Kornit Digital in a report on Wednesday, February 11th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $20.25.

Kornit Digital Price Performance

NASDAQ KRNT opened at $14.77 on Friday. The company has a market cap of $661.55 million, a P/E ratio of -47.64 and a beta of 1.79. Kornit Digital has a 12 month low of $11.93 and a 12 month high of $23.48. The company has a 50-day moving average of $14.71 and a 200-day moving average of $14.18.

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

Institutional Investors Weigh In On Kornit Digital

Several institutional investors have recently bought and sold shares of the business. XTX Topco Ltd increased its position in shares of Kornit Digital by 202.6% in the fourth quarter. XTX Topco Ltd now owns 50,411 shares of the industrial products company’s stock worth $725,000 after acquiring an additional 33,750 shares in the last quarter. Ulysses Management LLC acquired a new position in shares of Kornit Digital during the 4th quarter valued at $575,000. Quadrature Capital Ltd purchased a new stake in Kornit Digital during the 4th quarter worth $144,000. Millennium Management LLC boosted its position in Kornit Digital by 375.6% during the 4th quarter. Millennium Management LLC now owns 174,906 shares of the industrial products company’s stock worth $2,515,000 after purchasing an additional 138,132 shares during the period. Finally, Man Group plc increased its holdings in Kornit Digital by 106.6% in the 4th quarter. Man Group plc now owns 286,695 shares of the industrial products company’s stock valued at $4,123,000 after purchasing an additional 147,901 shares in the last quarter. 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.