Kornit Digital Ltd. (NASDAQ:KRNT) Receives $29.00 Consensus Price Target from Analysts

Kornit Digital Ltd. (NASDAQ:KRNT) has been given an average recommendation of “Moderate Buy” by the five brokerages that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $31.00.

Several equities research analysts have weighed in on the company. Barclays upped their price target 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 assumed coverage on shares of Kornit Digital in a report on Tuesday. They issued an “overweight” rating and a $39.00 target price on the stock. Morgan Stanley boosted their price target on shares of Kornit Digital from $20.00 to $26.00 and gave the stock an “overweight” rating in a report on Friday, September 13th. Needham & Company LLC raised their price objective on shares of Kornit Digital from $27.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, StockNews.com upgraded shares of Kornit Digital from a “sell” rating to a “hold” rating in a research note on Thursday, August 8th.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Signaturefd LLC lifted its stake in 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. Trust Point Inc. raised its position in Kornit Digital by 4.6% in the 3rd quarter. Trust Point Inc. now owns 17,868 shares of the industrial products company’s stock valued at $462,000 after purchasing an additional 785 shares during the last quarter. Privium Fund Management B.V. boosted its stake in Kornit Digital by 8.8% during the 3rd quarter. Privium Fund Management B.V. now owns 11,800 shares of the industrial products company’s stock worth $305,000 after purchasing an additional 950 shares during the period. Bank of New York Mellon Corp grew its position in 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 purchasing an additional 1,184 shares during the last quarter. Finally, Sei Investments Co. increased its stake in Kornit Digital by 0.6% in the second quarter. Sei Investments Co. now owns 206,464 shares of the industrial products company’s stock valued at $3,023,000 after purchasing an additional 1,214 shares during the period. Institutional investors and hedge funds own 92.76% of the company’s stock.

Kornit Digital Stock Performance

Shares of KRNT stock opened at $31.36 on Tuesday. Kornit Digital has a fifty-two week low of $13.59 and a fifty-two week high of $33.00. The company has a 50 day moving average price of $26.80 and a 200 day moving average price of $20.10. The stock has a market capitalization of $1.49 billion, a P/E ratio of -35.64 and a beta of 1.93.

Kornit Digital (NASDAQ:KRNT) last posted its quarterly earnings results on Wednesday, November 6th. The industrial products company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.07 by $0.04. The business had revenue of $50.73 million during the quarter, compared to the consensus estimate of $50.44 million. Kornit Digital had a negative net margin of 21.00% and a negative return on equity of 2.17%. The company’s quarterly revenue was down 14.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.17) earnings per share. On average, research analysts forecast that Kornit Digital will post -0.2 EPS for the current fiscal year.

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.