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

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

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

Kornit Digital Price Performance

KRNT opened at $16.94 on Thursday. Kornit Digital has a 12 month low of $13.29 and a 12 month high of $24.91. The business has a 50-day moving average of $15.14 and a two-hundred day moving average of $16.21. The stock has a market capitalization of $808.63 million, a price-to-earnings ratio of -13.89 and a beta of 1.90.

Kornit Digital (NASDAQ:KRNT) last posted its quarterly earnings results on Wednesday, August 7th. The industrial products company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03. Kornit Digital had a negative net margin of 27.17% and a negative return on equity of 4.31%. The company had revenue of $48.62 million for the quarter, compared to the consensus estimate of $50.24 million. During the same quarter last year, the firm posted ($0.28) earnings per share. Kornit Digital’s revenue was down 13.5% on a year-over-year basis. Equities research analysts anticipate that Kornit Digital will post -0.28 earnings per share for the current year.

Institutional Trading of Kornit Digital

Several large investors have recently added to or reduced their stakes in KRNT. Migdal Insurance & Financial Holdings Ltd. boosted its position in shares of 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 worth $18,273,000 after buying an additional 485,000 shares during the period. Van ECK Associates Corp increased its position in shares of Kornit Digital by 12.4% during the fourth quarter. Van ECK Associates Corp now owns 13,099 shares of the industrial products company’s stock worth $251,000 after acquiring an additional 1,441 shares during the last quarter. Lisanti Capital Growth LLC acquired a new position in shares of Kornit Digital in the fourth quarter worth about $982,000. Altshuler Shaham Ltd purchased a new position in Kornit Digital in the fourth quarter valued at about $1,274,000. Finally, BNP Paribas Financial Markets grew its stake in Kornit Digital by 5,353.7% during the 4th quarter. BNP Paribas Financial Markets now owns 73,788 shares of the industrial products company’s stock valued at $1,414,000 after purchasing an additional 72,435 shares in the last quarter. 92.76% of the stock is currently 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.