Kornit Digital (NASDAQ:KRNT) Reaches New 12-Month High at $24.88

Kornit Digital Ltd. (NASDAQ:KRNT)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $24.88 and last traded at $24.57, with a volume of 174860 shares. The stock had previously closed at $23.92.

Analysts Set New Price Targets

A number of research firms have recently issued reports on KRNT. Morgan Stanley raised their price target on shares of Kornit Digital from $20.00 to $26.00 and gave the stock an “overweight” rating in a research report on Friday, September 13th. Craig Hallum lifted their target price on Kornit Digital from $23.00 to $27.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Needham & Company LLC reiterated a “buy” rating and set a $27.00 price target on shares of Kornit Digital in a research report on Thursday, September 12th. Finally, StockNews.com upgraded Kornit Digital from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th.

Kornit Digital Stock Performance

The business’s 50 day simple moving average is $18.38 and its 200-day simple moving average is $16.70. The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of -19.61 and a beta of 1.90.

Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings results on Wednesday, August 7th. The industrial products company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03. Kornit Digital had a negative return on equity of 3.22% and a negative net margin of 23.63%. The company had revenue of $48.62 million during the quarter, compared to analyst estimates of $50.24 million. During the same quarter in the previous year, the firm posted ($0.28) EPS. The firm’s quarterly revenue was down 13.5% on a year-over-year basis. As a group, sell-side analysts expect that Kornit Digital Ltd. will post -0.28 EPS for the current year.

Institutional Investors Weigh In On Kornit Digital

Hedge funds and other institutional investors have recently bought and sold shares of the business. LHM Inc. acquired a new stake in shares of Kornit Digital during the 2nd quarter valued at $5,500,000. B. Riley Wealth Advisors Inc. boosted its position 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 valued at $256,000 after purchasing an additional 3,633 shares during the period. Disciplined Growth Investors Inc. MN increased its stake in 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 worth $30,167,000 after purchasing an additional 111,971 shares in the last quarter. Meros Investment Management LP raised its holdings in Kornit Digital by 39.3% during the 2nd quarter. Meros Investment Management LP now owns 231,584 shares of the industrial products company’s stock worth $3,390,000 after buying an additional 65,302 shares during the period. Finally, Marathon Capital Management raised its holdings in Kornit Digital by 52.5% during the 2nd quarter. Marathon Capital Management now owns 102,775 shares of the industrial products company’s stock worth $1,505,000 after buying an additional 35,380 shares during the period. 92.76% of the stock is currently owned by institutional investors.

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.