Invenomic Capital Management LP Acquires 927,169 Shares of Kornit Digital Ltd. $KRNT

Invenomic Capital Management LP increased its holdings in shares of Kornit Digital Ltd. (NASDAQ:KRNT) by 196.9% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 1,397,950 shares of the industrial products company’s stock after purchasing an additional 927,169 shares during the period. Invenomic Capital Management LP owned 3.12% of Kornit Digital worth $20,103,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Senvest Management LLC grew its holdings in Kornit Digital by 4.1% during the fourth quarter. Senvest Management LLC now owns 4,141,355 shares of the industrial products company’s stock worth $59,553,000 after purchasing an additional 162,100 shares during the period. Morgan Stanley grew its holdings in Kornit Digital by 26.5% during the fourth quarter. Morgan Stanley now owns 3,998,548 shares of the industrial products company’s stock worth $57,499,000 after purchasing an additional 838,814 shares during the period. Artisan Partners Limited Partnership grew its holdings in Kornit Digital by 32.6% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,647,804 shares of the industrial products company’s stock worth $38,075,000 after purchasing an additional 650,283 shares during the period. Granahan Investment Management LLC grew its holdings in Kornit Digital by 31.4% during the fourth quarter. Granahan Investment Management LLC now owns 2,569,663 shares of the industrial products company’s stock worth $36,952,000 after purchasing an additional 614,513 shares during the period. Finally, Baillie Gifford & Co. grew its holdings in Kornit Digital by 61.7% during the fourth quarter. Baillie Gifford & Co. now owns 1,565,079 shares of the industrial products company’s stock worth $22,506,000 after purchasing an additional 597,128 shares during the period. Institutional investors own 92.76% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Kornit Digital in a report on Wednesday, March 25th. Wall Street Zen upgraded shares of Kornit Digital from a “sell” rating to a “hold” rating in a research report on Sunday, April 12th. Finally, Needham & Company LLC boosted their price objective on shares of Kornit Digital from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Kornit Digital currently has an average rating of “Hold” and an average price target of $20.75.

Kornit Digital Price Performance

Shares of Kornit Digital stock opened at $16.66 on Thursday. Kornit Digital Ltd. has a one year low of $11.93 and a one year high of $22.06. The stock’s 50-day moving average is $15.75 and its 200 day moving average is $14.94. The firm has a market cap of $746.20 million, a price-to-earnings ratio of -42.72 and a beta of 1.75.

Kornit Digital (NASDAQ:KRNT) last announced its earnings results on Wednesday, May 13th. The industrial products company reported ($0.01) EPS for the quarter, meeting the consensus estimate of ($0.01). Kornit Digital had a negative return on equity of 1.15% and a negative net margin of 7.93%.The company had revenue of $48.54 million for the quarter, compared to analyst estimates of $46.67 million. During the same quarter in the prior year, the company earned $0.01 EPS. The firm’s revenue for the quarter was up 4.4% compared to the same quarter last year. On average, sell-side analysts expect that Kornit Digital Ltd. will post -0.17 EPS for the current fiscal year.

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.