Kornit Digital (NASDAQ:KRNT) Reaches New 12-Month High – Time to Buy?

Kornit Digital Ltd. (NASDAQ:KRNT) shares hit a new 52-week high during trading on Monday . The company traded as high as $33.31 and last traded at $32.99, with a volume of 37089 shares changing hands. The stock had previously closed at $31.80.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on KRNT shares. Needham & Company LLC increased their price target on Kornit Digital from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Craig Hallum increased their target price on shares of Kornit Digital from $27.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Cantor Fitzgerald assumed coverage on shares of Kornit Digital in a research note on Tuesday, November 26th. They set an “overweight” rating and a $39.00 price objective for the company. Barclays lifted their target price on shares of Kornit Digital from $21.00 to $26.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 1st. Finally, Morgan Stanley boosted their price target on Kornit Digital from $20.00 to $26.00 and gave the company an “overweight” rating in a report on Friday, September 13th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Kornit Digital currently has an average rating of “Moderate Buy” and a consensus target price of $31.00.

Kornit Digital Price Performance

The business has a 50-day moving average price of $27.61 and a 200-day moving average price of $20.86.

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. nVerses Capital LLC purchased a new stake in shares of Kornit Digital in the second quarter valued at $40,000. Signaturefd LLC raised its holdings 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 period. Privium Fund Management B.V. purchased a new position in Kornit Digital in the second quarter valued at about $159,000. Bank of New York Mellon Corp raised its holdings in shares of 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 valued at $235,000 after buying an additional 1,184 shares during the period. Finally, B. Riley Wealth Advisors Inc. lifted its position in shares of Kornit Digital by 26.2% during the second quarter. B. Riley Wealth Advisors Inc. now owns 17,486 shares of the industrial products company’s stock worth $256,000 after purchasing an additional 3,633 shares during the last quarter. Institutional investors and hedge funds own 92.76% of the company’s stock.

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.