Kornit Digital Target of Unusually Large Options Trading (NASDAQ:KRNT)

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Kornit Digital Ltd (NASDAQ:KRNT) was the recipient of unusually large options trading activity on Thursday. Traders purchased 1,001 call options on the stock. This represents an increase of approximately 1,290% compared to the typical volume of 72 call options.

Large investors have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Kornit Digital by 31.4% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,752 shares of the industrial products company’s stock valued at $42,000 after purchasing an additional 419 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its holdings in Kornit Digital by 42.7% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,351 shares of the industrial products company’s stock valued at $74,000 after purchasing an additional 703 shares during the last quarter. ETF Managers Group LLC lifted its holdings in Kornit Digital by 4.3% during the second quarter. ETF Managers Group LLC now owns 31,151 shares of the industrial products company’s stock valued at $938,000 after purchasing an additional 1,279 shares during the last quarter. UBS Asset Management Americas Inc. lifted its holdings in Kornit Digital by 13.0% during the second quarter. UBS Asset Management Americas Inc. now owns 13,900 shares of the industrial products company’s stock valued at $440,000 after purchasing an additional 1,600 shares during the last quarter. Finally, Stephens Inc. AR purchased a new stake in Kornit Digital during the first quarter valued at about $54,000. 96.06% of the stock is currently owned by institutional investors.

Several analysts have recently issued reports on the stock. Stifel Nicolaus set a $35.00 target price on shares of Kornit Digital and gave the stock a “buy” rating in a research note on Wednesday, August 7th. TheStreet upgraded shares of Kornit Digital from a “c+” rating to a “b” rating in a research note on Wednesday, August 7th. Needham & Company LLC reiterated a “buy” rating and issued a $34.00 target price (up previously from $32.00) on shares of Kornit Digital in a research note on Tuesday, June 18th. BidaskClub upgraded shares of Kornit Digital from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 27th. Finally, Zacks Investment Research upgraded shares of Kornit Digital from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 24th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Kornit Digital has an average rating of “Buy” and an average price target of $28.00.

Shares of NASDAQ:KRNT traded up $0.12 during midday trading on Friday, reaching $31.95. The company had a trading volume of 184,132 shares, compared to its average volume of 337,978. The company’s 50 day moving average price is $28.89 and its 200 day moving average price is $27.38. The company has a current ratio of 7.23, a quick ratio of 6.35 and a debt-to-equity ratio of 0.04. The stock has a market cap of $1.21 billion, a P/E ratio of 133.08 and a beta of 1.09. Kornit Digital has a 52-week low of $16.10 and a 52-week high of $32.26.

Kornit Digital (NASDAQ:KRNT) last issued its quarterly earnings results on Tuesday, August 6th. The industrial products company reported $0.08 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.09 by ($0.01). The company had revenue of $43.89 million during the quarter, compared to analysts’ expectations of $45.91 million. Kornit Digital had a return on equity of 3.04% and a net margin of 5.69%. Kornit Digital’s quarterly revenue was up 22.3% compared to the same quarter last year. During the same period last year, the firm posted $0.09 earnings per share. Research analysts forecast that Kornit Digital will post 0.3 EPS for the current fiscal year.

Kornit Digital Company Profile

Kornit Digital Ltd. develops, designs, and markets digital printing solutions for the fashion, apparel, and home decor segments of printed textile industry. The company's solutions include digital printing systems, ink and other consumables, associated software, and value added services. It offers direct-to-garment printing systems from smaller industrial operators to mass producers; NeoPigment ink and other consumables; QuickP designer software; and value added services, such as maintenance and support, and professional services.

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