Shellback Capital LP Invests $319,000 in Kornit Digital Ltd. (NASDAQ:KRNT)

Shellback Capital LP acquired a new position in shares of Kornit Digital Ltd. (NASDAQ:KRNT) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 10,300 shares of the industrial products company’s stock, valued at approximately $319,000.

Several other institutional investors also recently modified their holdings of KRNT. Barclays PLC grew its holdings in shares of Kornit Digital by 130.1% during the 3rd quarter. Barclays PLC now owns 20,420 shares of the industrial products company’s stock worth $527,000 after purchasing an additional 11,544 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Kornit Digital by 5.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 23,779 shares of the industrial products company’s stock worth $614,000 after purchasing an additional 1,284 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Kornit Digital by 421.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 470,674 shares of the industrial products company’s stock worth $14,567,000 after purchasing an additional 380,392 shares in the last quarter. Artemis Investment Management LLP grew its holdings in shares of Kornit Digital by 138.2% during the 4th quarter. Artemis Investment Management LLP now owns 641,908 shares of the industrial products company’s stock worth $19,867,000 after purchasing an additional 372,443 shares in the last quarter. Finally, Riverbridge Partners LLC grew its holdings in shares of Kornit Digital by 21.1% during the 4th quarter. Riverbridge Partners LLC now owns 1,927,091 shares of the industrial products company’s stock worth $59,643,000 after purchasing an additional 335,713 shares in the last quarter. Institutional investors and hedge funds own 92.76% of the company’s stock.

Kornit Digital Price Performance

Shares of KRNT stock opened at $22.55 on Friday. The stock’s fifty day simple moving average is $19.39 and its 200 day simple moving average is $25.80. The firm has a market cap of $1.07 billion, a price-to-earnings ratio of -64.43 and a beta of 2.00. Kornit Digital Ltd. has a one year low of $13.59 and a one year high of $34.29.

Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings results on Wednesday, May 14th. The industrial products company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.06). The company had revenue of $46.46 million during the quarter, compared to analyst estimates of $47.26 million. Kornit Digital had a negative net margin of 8.24% and a negative return on equity of 1.51%. On average, research analysts anticipate that Kornit Digital Ltd. will post -0.2 earnings per share for the current year.

Analyst Ratings Changes

Several research firms recently commented on KRNT. Needham & Company LLC raised their target price on Kornit Digital from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday. Cantor Fitzgerald raised Kornit Digital to a “strong-buy” rating in a research note on Thursday, February 27th. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $33.20.

Kornit Digital Profile

Kornit Digital Ltd. develops, designs, and markets digital printing solutions for the fashion, apparel, and home decor segments of printed textile industry in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally. Its solutions include digital printing systems, ink and other consumables, associated software, and value-added services.