Kornit Digital (NASDAQ:KRNT) Cut to Sell at Wall Street Zen

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

Other equities research analysts also recently issued research reports about the company. Morgan Stanley reaffirmed a “positive” rating and issued a $17.00 price objective on shares of Kornit Digital in a research report on Wednesday, February 11th. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 price objective 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 report on Wednesday, March 25th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Kornit Digital has a consensus rating of “Hold” and an average price target of $20.25.

Kornit Digital Stock Performance

Kornit Digital stock opened at $15.08 on Friday. The stock has a fifty day moving average of $14.74 and a two-hundred day moving average of $14.18. The company has a market capitalization of $675.43 million, a price-to-earnings ratio of -48.64 and a beta of 1.79. Kornit Digital has a fifty-two week low of $11.93 and a fifty-two week high of $23.48.

Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings data on Wednesday, February 11th. The industrial products company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates 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 return on equity of 1.07% and a negative net margin of 6.49%.The business’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.18 earnings per share. On average, analysts forecast that Kornit Digital will post -0.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Kornit Digital

A number of institutional investors have recently added to or reduced their stakes in KRNT. CIBC Private Wealth Group LLC grew its position in Kornit Digital by 1,359.8% during 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 during the period. Johnson Financial Group Inc. purchased a new stake in Kornit Digital during the third quarter valued at about $27,000. Raymond James Financial Inc. purchased a new stake in Kornit Digital during the second quarter valued at about $31,000. State of Tennessee Department of Treasury purchased a new stake in Kornit Digital during the second quarter valued at about $35,000. Finally, Fortitude Family Office LLC grew its position 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 acquiring an additional 3,191 shares during the period. Hedge funds and other 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.