Kornit Digital (NASDAQ:KRNT) Stock Rating Lowered by StockNews.com

StockNews.com lowered shares of Kornit Digital (NASDAQ:KRNT) from a hold rating to a sell rating in a research report report published on Saturday.

Separately, Needham & Company LLC restated a buy rating and set a $27.00 price target on shares of Kornit Digital in a report on Thursday, May 9th.

Kornit Digital Price Performance

NASDAQ:KRNT opened at $14.57 on Friday. The firm has a 50-day moving average of $15.04 and a 200-day moving average of $16.66. The company has a market cap of $695.57 million, a PE ratio of -11.94 and a beta of 1.90. Kornit Digital has a one year low of $13.29 and a one year high of $31.94.

Kornit Digital (NASDAQ:KRNT) last posted its earnings results on Wednesday, May 8th. The industrial products company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.02). The business had revenue of $43.78 million for the quarter, compared to the consensus estimate of $45.85 million. Kornit Digital had a negative return on equity of 4.31% and a negative net margin of 27.17%. On average, equities research analysts expect that Kornit Digital will post -0.28 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Lisanti Capital Growth LLC purchased a new position in Kornit Digital during the fourth quarter worth about $982,000. Migdal Insurance & Financial Holdings Ltd. boosted its stake in Kornit Digital by 103.5% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 953,682 shares of the industrial products company’s stock valued at $18,273,000 after acquiring an additional 485,000 shares during the last quarter. Roubaix Capital LLC purchased a new position in Kornit Digital in the fourth quarter valued at about $1,327,000. Phoenix Holdings Ltd. boosted its stake in Kornit Digital by 233.4% in the third quarter. Phoenix Holdings Ltd. now owns 178,825 shares of the industrial products company’s stock valued at $3,381,000 after acquiring an additional 125,196 shares during the last quarter. Finally, Inflection Point Investments LLP purchased a new position in Kornit Digital in the fourth quarter valued at about $17,014,000. 92.76% of the stock is currently owned by hedge funds and other 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.