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 report report published on Saturday morning.

A number of other brokerages also recently issued reports on KRNT. Morgan Stanley restated a “positive” rating and set a $17.00 price target on shares of Kornit Digital in a report on Wednesday, February 11th. Needham & Company LLC reiterated 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 reissued a “sell (d-)” rating on shares of Kornit Digital in a research note on Wednesday, March 25th. Three equities 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. Based on data from MarketBeat, Kornit Digital presently has a consensus rating of “Hold” and an average price target of $20.25.

Kornit Digital Price Performance

Shares of NASDAQ:KRNT opened at $14.77 on Friday. The business’s 50 day moving average price is $14.71 and its 200-day moving average price is $14.18. The firm has a market capitalization of $661.62 million, a PE ratio of -47.64 and a beta of 1.79. Kornit Digital has a 1 year low of $11.93 and a 1 year 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.04. The company had revenue of $58.86 million during the quarter, compared to analysts’ expectations of $58.16 million. Kornit Digital had a negative net margin of 6.49% and a negative return on equity of 1.07%. Kornit Digital’s revenue was down 3.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.18 EPS. As a group, analysts expect that Kornit Digital will post -0.2 earnings per share for the current year.

Hedge Funds Weigh In On Kornit Digital

Several hedge funds and other institutional investors have recently made changes to their positions in KRNT. Dudley & Shanley Inc. grew its holdings in Kornit Digital by 97.5% during the 3rd quarter. Dudley & Shanley Inc. now owns 1,258,895 shares of the industrial products company’s stock worth $16,995,000 after acquiring an additional 621,595 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Kornit Digital by 79.9% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 557,873 shares of the industrial products company’s stock valued at $11,107,000 after purchasing an additional 247,763 shares in the last quarter. Polar Asset Management Partners Inc. raised its holdings in shares of Kornit Digital by 21.1% in the 3rd quarter. Polar Asset Management Partners Inc. now owns 779,559 shares of the industrial products company’s stock valued at $10,524,000 after purchasing an additional 135,709 shares in the last quarter. Invenomic Capital Management LP purchased a new stake in shares of Kornit Digital during the 3rd quarter worth $6,356,000. Finally, Thompson Investment Management Inc. grew its stake in shares of Kornit Digital by 169.5% during the third quarter. Thompson Investment Management Inc. now owns 789,761 shares of the industrial products company’s stock worth $10,662,000 after purchasing an additional 496,754 shares in the last quarter. Hedge funds and other institutional investors own 92.76% of the company’s stock.

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.