Kornit Digital Ltd. (NASDAQ:KRNT) Given Average Rating of “Hold” by Analysts

Kornit Digital Ltd. (NASDAQ:KRNT) has been given a consensus rating of “Hold” by the five ratings firms that are presently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $20.25.

Several brokerages have recently commented on KRNT. Morgan Stanley reaffirmed a “positive” rating and set a $17.00 target price on shares of Kornit Digital in a report on Wednesday. Wall Street Zen downgraded Kornit Digital from a “hold” rating to a “sell” rating in a research report on Saturday. Weiss Ratings restated a “sell (d-)” rating on shares of Kornit Digital in a research note on Friday, December 26th. Needham & Company LLC reiterated a “buy” rating and set a $20.00 target price on shares of Kornit Digital in a research report on Wednesday. Finally, Barclays reduced their target price on Kornit Digital from $22.00 to $18.00 and set an “equal weight” rating on the stock in a report on Thursday, November 6th.

Kornit Digital Trading Down 1.7%

Shares of NASDAQ KRNT opened at $15.97 on Friday. The firm has a market cap of $715.30 million, a P/E ratio of -51.51 and a beta of 1.87. The business’s 50 day moving average is $14.29 and its 200-day moving average is $14.40. Kornit Digital has a 1-year low of $11.93 and a 1-year high of $29.12.

Kornit Digital (NASDAQ:KRNT) last posted its earnings results on Wednesday, February 11th. The industrial products company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.04. Kornit Digital had a negative return on equity of 1.07% and a negative net margin of 6.49%.The company had revenue of $58.86 million during the quarter, compared to the consensus estimate of $58.16 million. During the same quarter last year, the firm earned $0.18 earnings per share. The company’s revenue was down 3.0% on a year-over-year basis. Analysts forecast that Kornit Digital will post -0.2 EPS for the current year.

Kornit Digital announced that its Board of Directors has initiated a share repurchase program on Monday, November 17th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the industrial products company to purchase up to 17.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

Institutional Trading of Kornit Digital

A number of institutional investors and hedge funds have recently made changes to their positions in KRNT. Van ECK Associates Corp boosted its position in shares of Kornit Digital by 6.9% during the 4th quarter. Van ECK Associates Corp now owns 12,742 shares of the industrial products company’s stock worth $183,000 after acquiring an additional 820 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Kornit Digital during the second quarter worth $31,000. State of Tennessee Department of Treasury acquired a new stake in shares of Kornit Digital in the 2nd quarter valued at $35,000. CIBC Private Wealth Group LLC increased its stake in shares of Kornit Digital by 1,359.8% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,927 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 1,795 shares during the last quarter. Finally, Johnson Financial Group Inc. acquired a new position in shares of Kornit Digital during the 3rd quarter worth $27,000. Institutional investors own 92.76% of the company’s stock.

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.