Kornit Digital (NASDAQ:KRNT) shares a gap up to $29.67
The share price of Kornit Digital Ltd. (NASDAQ:KRNT – Get Rating) rose ahead of Wednesday’s trading. The stock had previously closed at $29.67, but opened at $32.99. Shares of Kornit Digital last traded at $33.86, with a volume of 8,861 shares traded in hands.
Analyst upgrades and downgrades
Several research companies have weighed in on KRNT. TheStreet upgraded Kornit Digital’s shares from a “c-” rating to a “d+” rating in a Thursday, June 2 research report. Stifel Nicolaus downgraded Kornit Digital from a “buy” rating to a “hold” rating and lowered his price target for the company from $100.00 to $50.00 in a Wednesday, July 6 report. Needham & Company LLC raised its price target on Kornit Digital from $38.00 to $46.00 and gave the stock a “buy” rating in a research report on Thursday. Citigroup lowered its target price on Kornit Digital from $90.00 to $50.00 and set a “buy” rating on the stock in a Wednesday, July 6 report. Finally, Craig Hallum raised his price target on Kornit Digital shares from $26.00 to $32.00 and gave the stock a “holding” rating in a report on Thursday. One analyst assigned the stock a sell rating, two assigned a hold rating and three assigned the company’s stock a buy rating. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $75.60.
Kornit Digital Trading up 0.1%
The company’s fifty-day moving average price is $31.00 and its two-hundred-day moving average price is $59.98. The company has a market capitalization of $1.76 billion, a P/E ratio of 295.94 and a beta of 1.82.
Kornit Digital (NASDAQ:KRNT – Get Rating) last released its results on Wednesday, August 10. The industrial products company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.03). The company posted revenue of $62.50 million for the quarter, versus a consensus estimate of $58.00 million. Kornit Digital had a net margin of 1.54% and a return on equity of 1.63%. Kornit Digital’s quarterly revenue decreased 29.2% year-over-year. In the same quarter last year, the company made earnings per share of $0.15. Research analysts predict that Kornit Digital Ltd. will show -1.42 BPA for the current fiscal year.
Kornit Digital Institutional Trading
Institutional investors and hedge funds have recently changed their holdings in the company. Granahan Investment Management LLC increased its stake in Kornit Digital by 7.7% in Q1. Granahan Investment Management LLC now owns 2,306,335 shares of the industrial products company valued at $190,711,000 after purchasing an additional 165,653 shares during the period. Invesco Ltd. increased its stake in Kornit Digital shares by 5.2% in the fourth quarter. Invesco Ltd. now owns 2,236,546 shares of the industrial products company worth $340,514,000 after acquiring 111,301 additional shares in the last quarter. BlackRock Inc. increased its position in Kornit Digital by 5.0% during the first quarter. BlackRock Inc. now owns 1,823,908 shares of the industrial products company worth $150,819,000 after acquiring an additional 87,283 shares during the period. Riverbridge Partners LLC increased its position in Kornit Digital by 5.1% in Q1. Riverbridge Partners LLC now owns 1,511,748 shares of the industrial products company worth $125,006,000 after purchasing an additional 73,903 shares in the last quarter. Finally, abrdn plc increased its equity stake in Kornit Digital by 6.3% during the 2nd quarter. abrdn plc now owns 1,242,022 shares of the industrial products company worth $39,844,000 after purchasing an additional 73,308 shares during the period. 92.13% of the shares are currently held by institutional investors and hedge funds.
Company Profile Kornit Digital
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Kornit Digital Ltd. develops, designs and markets digital printing solutions for the fashion, apparel and home décor segments of the printed textile industry in the United States, Europe, the Middle East, Africa, Asia-Pacific and internationally. The company’s solutions include digital printing systems, ink and other consumables, associated software and value-added services.
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