Kornit Digital (NASDAQ:KRNT) Downgraded to Sell Rating by Wall Street Zen

Kornit Digital (NASDAQ:KRNT) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.

Other equities research analysts also recently issued reports about the company. Weiss Ratings restated a “sell (d-)” rating on shares of Kornit Digital in a report on Wednesday, March 25th. Needham & Company LLC reiterated a “buy” rating and set a $20.00 target price on shares of Kornit Digital in a research note on Wednesday, February 11th. Finally, Morgan Stanley reissued a “positive” rating and set a $17.00 price target on shares of Kornit Digital in a research report on Wednesday, February 11th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $20.25.

Kornit Digital Price Performance

NASDAQ:KRNT opened at $14.77 on Friday. The firm has a 50-day moving average of $14.71 and a two-hundred day moving average of $14.18. The stock has a market cap of $661.55 million, a P/E ratio of -47.64 and a beta of 1.79. Kornit Digital has a 1-year low of $11.93 and a 1-year high of $23.48.

Kornit Digital (NASDAQ:KRNT) last announced its earnings results on Wednesday, February 11th. The industrial products company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.04. The business had revenue of $58.86 million for the quarter, compared to analyst estimates of $58.16 million. Kornit Digital had a negative return on equity of 1.07% and a negative net margin of 6.49%.The company’s revenue for the quarter was down 3.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.18 earnings per share. As a group, equities analysts expect that Kornit Digital will post -0.2 earnings per share for the current year.

Institutional Trading of Kornit Digital

Several hedge funds and other institutional investors have recently bought and sold shares of KRNT. Raymond James Financial Inc. acquired a new stake in Kornit Digital during the second quarter valued at approximately $31,000. State of Tennessee Department of Treasury acquired a new stake in shares of Kornit Digital during the 2nd quarter valued at approximately $35,000. CIBC Private Wealth Group LLC boosted its holdings in Kornit Digital by 1,359.8% in the third quarter. CIBC Private Wealth Group LLC now owns 1,927 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 1,795 shares during the period. Johnson Financial Group Inc. acquired a new position in Kornit Digital in the third quarter worth $27,000. Finally, Fortitude Family Office LLC increased its stake in Kornit Digital by 64.2% during the third quarter. Fortitude Family Office LLC now owns 8,164 shares of the industrial products company’s stock valued at $110,000 after purchasing an additional 3,191 shares during the last quarter. 92.76% of the stock is owned by institutional investors.

About Kornit Digital

Kornit Digital Ltd. (NASDAQ: KRNT) is a global technology company specializing in digital textile printing solutions. Headquartered in Rosh Ha’Ayin, Israel, Kornit develops and manufactures an integrated ecosystem of industrial inkjet printers, proprietary NeoPigment inks and pretreatment systems. Its product portfolio addresses a range of applications including direct-to-garment, direct-to-fabric, digital embellishment and hybrid manufacturing, enabling businesses to produce custom apparel, sportswear, fashion and home textiles on demand.

The company’s flagship offerings include the Avalanche and Atlas series for high-volume production, as well as the Storm and Helix lines designed for mid-to-large scale operations.