Kornit Digital (NASDAQ:KRNT) Downgraded to Strong Sell Rating by Zacks Research

Zacks Research downgraded shares of Kornit Digital (NASDAQ:KRNT) from a hold rating to a strong sell rating in a research report report published on Thursday,Zacks.com reports.

Several other research analysts have also weighed in on KRNT. Needham & Company LLC upped their price target on Kornit Digital from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Morgan Stanley upped their target price on Kornit Digital from $17.00 to $18.00 and gave the company an “equal weight” rating in a report on Tuesday, June 23rd. Finally, Wall Street Zen upgraded shares of Kornit Digital from a “sell” rating to a “hold” rating in a report on Sunday, April 12th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $21.00.

Kornit Digital Trading Up 1.5%

NASDAQ KRNT opened at $15.22 on Thursday. Kornit Digital has a 1 year low of $11.93 and a 1 year high of $20.73. The company has a market cap of $654.00 million, a PE ratio of -39.03 and a beta of 1.73. The stock’s 50-day moving average price is $15.74 and its two-hundred day moving average price is $15.26.

Kornit Digital (NASDAQ:KRNT) last released its earnings results on Wednesday, May 13th. The industrial products company reported ($0.01) earnings per share for the quarter, hitting the consensus estimate of ($0.01). The business had revenue of $48.54 million for the quarter, compared to the consensus estimate of $46.67 million. Kornit Digital had a negative net margin of 7.93% and a negative return on equity of 1.15%. The firm’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same period last year, the firm posted $0.01 earnings per share. Research analysts forecast that Kornit Digital will post -0.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Wasatch Advisors LP lifted its holdings in shares of Kornit Digital by 145.9% during the 2nd quarter. Wasatch Advisors LP now owns 433,968 shares of the industrial products company’s stock valued at $7,052,000 after buying an additional 257,478 shares during the last quarter. Janus Henderson Group PLC lifted its stake in Kornit Digital by 13.7% in the first quarter. Janus Henderson Group PLC now owns 793,194 shares of the industrial products company’s stock valued at $11,628,000 after acquiring an additional 95,693 shares during the last quarter. Amundi bought a new stake in Kornit Digital in the first quarter worth approximately $214,000. Renaissance Technologies LLC increased its stake in shares of Kornit Digital by 44.5% during the 1st quarter. Renaissance Technologies LLC now owns 91,500 shares of the industrial products company’s stock worth $1,341,000 after purchasing an additional 28,200 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Kornit Digital by 97.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 470,962 shares of the industrial products company’s stock valued at $6,904,000 after purchasing an additional 232,808 shares during the last quarter. 92.76% of the stock is owned by institutional investors and hedge funds.

Kornit Digital Company Profile

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.