Kornit Digital Ltd. (NASDAQ:KRNT) Receives $33.40 Average Price Target from Analysts

Kornit Digital Ltd. (NASDAQ:KRNT) has been assigned a consensus recommendation of “Moderate Buy” from the five ratings firms that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $33.40.

Several equities analysts recently issued reports on the stock. Cantor Fitzgerald assumed coverage on shares of Kornit Digital in a research note on Tuesday, November 26th. They issued an “overweight” rating and a $39.00 target price for the company. Barclays upped their price objective on shares of Kornit Digital from $21.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 1st. Craig Hallum raised their target price on Kornit Digital from $27.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Morgan Stanley upped their price target on Kornit Digital from $33.00 to $38.00 and gave the stock an “overweight” rating in a report on Monday, December 16th. Finally, Needham & Company LLC raised their price objective on Kornit Digital from $27.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, November 7th.

Kornit Digital Stock Performance

NASDAQ KRNT opened at $31.95 on Friday. The firm has a market capitalization of $1.52 billion, a P/E ratio of -36.31 and a beta of 2.01. The stock has a 50-day simple moving average of $29.20 and a two-hundred day simple moving average of $22.23. Kornit Digital has a fifty-two week low of $13.59 and a fifty-two week high of $34.28.

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

Institutional Trading of Kornit Digital

Institutional investors have recently made changes to their positions in the company. nVerses Capital LLC purchased a new stake in shares of Kornit Digital during the second quarter worth approximately $40,000. Signaturefd LLC raised its position 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 during the last quarter. Privium Fund Management B.V. purchased a new position in shares of Kornit Digital in the second quarter worth about $159,000. Bank of New York Mellon Corp boosted its position in Kornit Digital by 8.0% during the second 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 during the last quarter. Finally, B. Riley Wealth Advisors Inc. grew its stake in Kornit Digital by 26.2% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 17,486 shares of the industrial products company’s stock valued at $256,000 after acquiring an additional 3,633 shares in the last quarter. 92.76% of the stock is owned by institutional investors and hedge funds.

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.