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

Wall Street Zen cut shares of Kornit Digital (NASDAQ:KRNT) from a hold rating to a sell rating in a research note published on Saturday morning.

A number of other analysts have also issued reports on the company. Morgan Stanley reissued a “positive” rating and issued a $17.00 target price on shares of Kornit Digital in a research report on Wednesday. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Kornit Digital in a research note on Wednesday. Barclays cut their price objective 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. Cantor Fitzgerald lowered their target price on Kornit Digital from $28.50 to $26.00 and set an “overweight” rating for the company in a report on Thursday, November 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Kornit Digital in a research report on Friday, December 26th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $20.25.

Kornit Digital Price Performance

NASDAQ KRNT opened at $15.97 on Friday. The stock has a market capitalization of $715.30 million, a P/E ratio of -51.51 and a beta of 1.87. The firm’s 50-day moving average is $14.29 and its two-hundred day moving average is $14.35. Kornit Digital has a 12 month low of $11.93 and a 12 month high of $29.12.

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

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

Institutional Trading of Kornit Digital

A number of large investors have recently made changes to their positions in KRNT. CIBC Private Wealth Group LLC raised 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 valued at $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 stake in shares of Kornit Digital in the 2nd quarter valued at $35,000. Finally, Fortitude Family Office LLC lifted its position in shares of Kornit Digital by 64.2% during 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 last quarter. 92.76% of the stock is currently 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.