Kornit Digital (NASDAQ:KRNT) to Repurchase $100.00 million in Outstanding Shares

Kornit Digital (NASDAQ:KRNT) announced that its board has approved a share repurchase plan on Monday, November 17th, RTT News reports. The company plans to repurchase $100.00 million in shares. This repurchase authorization allows the industrial products company to buy up to 17.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Kornit Digital Stock Up 2.3%

NASDAQ:KRNT opened at $12.99 on Tuesday. The firm has a market cap of $581.89 million, a PE ratio of -51.96 and a beta of 1.94. Kornit Digital has a 12 month low of $11.93 and a 12 month high of $34.28. The company’s 50-day moving average price is $13.88 and its two-hundred day moving average price is $17.34.

Kornit Digital (NASDAQ:KRNT) last posted its earnings results on Wednesday, November 5th. The industrial products company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.05. Kornit Digital had a negative net margin of 5.43% and a negative return on equity of 0.74%. The company had revenue of $53.13 million during the quarter, compared to analysts’ expectations of $51.79 million. During the same quarter in the previous year, the company posted $0.11 earnings per share. Kornit Digital’s quarterly revenue was up 4.7% compared to the same quarter last year. Kornit Digital has set its Q4 2025 guidance at EPS. On average, research analysts expect that Kornit Digital will post -0.2 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently weighed in on KRNT shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Kornit Digital in a research note on Wednesday, October 8th. Cantor Fitzgerald dropped their target price on Kornit Digital from $28.50 to $26.00 and set an “overweight” rating for the company in a research note on Thursday, November 6th. Needham & Company LLC decreased their price target on Kornit Digital from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, November 6th. Morgan Stanley restated an “equal weight” rating and issued a $15.00 price target (down previously from $20.00) on shares of Kornit Digital in a report on Thursday, November 6th. Finally, Barclays cut their price objective on shares of Kornit Digital from $22.00 to $18.00 and set an “equal weight” rating on the stock in a report on Thursday, November 6th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Kornit Digital has a consensus rating of “Hold” and a consensus price target of $19.75.

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.