Kornit Digital (NASDAQ:KRNT) Hits New 52-Week High After Analyst Upgrade

Kornit Digital Ltd. (NASDAQ:KRNT)’s share price reached a new 52-week high on Tuesday after Morgan Stanley raised their price target on the stock from $33.00 to $38.00. Morgan Stanley currently has an overweight rating on the stock. Kornit Digital traded as high as $33.99 and last traded at $33.37, with a volume of 53910 shares changing hands. The stock had previously closed at $32.91.

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

Institutional Investors Weigh In On Kornit Digital

Large investors have recently bought and sold shares of the company. Tectonic Advisors LLC acquired a new position in shares of Kornit Digital in the 3rd quarter valued at approximately $705,000. Loomis Sayles & Co. L P acquired a new position in Kornit Digital during the third quarter valued at approximately $8,887,000. Principal Financial Group Inc. acquired a new position in Kornit Digital during the third quarter valued at approximately $934,000. Telemark Asset Management LLC bought a new stake in Kornit Digital during the third quarter worth $1,033,000. Finally, Disciplined Growth Investors Inc. MN boosted its holdings in shares of Kornit Digital by 5.7% in the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 2,060,575 shares of the industrial products company’s stock valued at $30,167,000 after purchasing an additional 111,971 shares in the last quarter. 92.76% of the stock is currently owned by institutional investors and hedge funds.

Kornit Digital Trading Down 0.1 %

The company has a market cap of $1.56 billion, a P/E ratio of -37.13 and a beta of 2.01. The company has a 50 day moving average price of $28.40 and a 200-day moving average price of $21.61.

Kornit Digital (NASDAQ:KRNT) last released 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 firm had revenue of $50.73 million for the quarter, compared to analysts’ expectations of $50.44 million. Kornit Digital had a negative return on equity of 2.17% and a negative net margin of 21.00%. The business’s revenue for the quarter was down 14.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.17) earnings per share. Equities analysts expect that Kornit Digital Ltd. will post -0.22 earnings per share for the current year.

Kornit Digital Company Profile

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.