Morgan Stanley Issues Positive Forecast for Kornit Digital (NASDAQ:KRNT) Stock Price

Kornit Digital (NASDAQ:KRNT) had its price target boosted by Morgan Stanley from $33.00 to $38.00 in a research report released on Monday,Benzinga reports. Morgan Stanley currently has an overweight rating on the industrial products company’s stock.

Several other brokerages have also commented on KRNT. Barclays lifted their target price on Kornit Digital from $21.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 1st. Cantor Fitzgerald assumed coverage on shares of Kornit Digital in a report on Tuesday, November 26th. They set an “overweight” rating and a $39.00 target price on the stock. Needham & Company LLC raised their price target on shares of Kornit Digital from $27.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Craig Hallum raised their target price on shares of Kornit Digital from $27.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $33.40.

Kornit Digital Stock Performance

Kornit Digital stock opened at $32.91 on Monday. The stock’s 50 day moving average price is $28.24 and its 200 day moving average price is $21.48. Kornit Digital has a one year low of $13.59 and a one year high of $33.31. The firm has a market capitalization of $1.56 billion, a PE ratio of -37.40 and a beta of 2.01.

Kornit Digital (NASDAQ:KRNT) last announced its earnings results on Wednesday, November 6th. The industrial products company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.04. The company had revenue of $50.73 million for the quarter, compared to analyst estimates of $50.44 million. Kornit Digital had a negative return on equity of 2.17% and a negative net margin of 21.00%. Kornit Digital’s quarterly revenue was down 14.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.17) EPS. On average, analysts forecast that Kornit Digital will post -0.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Kornit Digital

Several hedge funds and other institutional investors have recently bought and sold shares of the business. nVerses Capital LLC bought a new stake in shares of Kornit Digital in the 2nd quarter worth approximately $40,000. Signaturefd LLC increased its holdings in shares of Kornit Digital by 29.4% in the second quarter. Signaturefd LLC now owns 3,428 shares of the industrial products company’s stock valued at $50,000 after buying an additional 779 shares in the last quarter. Privium Fund Management B.V. acquired a new stake in shares of Kornit Digital during the 2nd quarter valued at $159,000. Bank of New York Mellon Corp boosted its stake in shares of Kornit Digital by 8.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 16,029 shares of the industrial products company’s stock worth $235,000 after acquiring an additional 1,184 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. grew its holdings in shares of Kornit Digital by 26.2% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 17,486 shares of the industrial products company’s stock worth $256,000 after acquiring an additional 3,633 shares during the last quarter. 92.76% of the stock is currently owned by institutional investors.

About Kornit Digital

Kornit Digital Ltd. develops, designs, and markets digital printing solutions for the fashion, apparel, and home decor segments of printed textile industry in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally. Its solutions include digital printing systems, ink and other consumables, associated software, and value-added services.