Kornit Digital (NASDAQ:KRNT) Stock Rating Upgraded by Wall Street Zen

Kornit Digital (NASDAQ:KRNT) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report issued on Saturday.

A number of other research analysts have also commented on the stock. Morgan Stanley reiterated a “positive” rating and set a $17.00 price objective on shares of Kornit Digital in a research note on Wednesday, February 11th. Needham & Company LLC restated a “buy” rating and issued a $20.00 target price on shares of Kornit Digital in a research report on Wednesday, February 11th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Kornit Digital in a research note on Friday, December 26th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $20.25.

Kornit Digital Stock Performance

Shares of KRNT opened at $14.54 on Friday. Kornit Digital has a one year low of $11.93 and a one year high of $23.48. The stock’s fifty day moving average is $14.69 and its 200-day moving average is $14.25. The firm has a market capitalization of $651.25 million, a price-to-earnings ratio of -46.90 and a beta of 1.79.

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

Kornit Digital declared that its Board of Directors has authorized a share buyback program on Monday, November 17th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to buy up to 17.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

Institutional Trading of Kornit Digital

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