Kornit Digital Ltd. (NASDAQ:KRNT) Stock Has Consensus Target Price of $21.50 According to Brokerages

Shares of Kornit Digital Ltd. (NASDAQ:KRNT) have been assigned an average rating of “Hold” from the six brokerages that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $21.50.

A number of research firms recently commented on KRNT. Weiss Ratings downgraded Kornit Digital from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, September 16th. Zacks Research upgraded Kornit Digital from a “strong sell” rating to a “hold” rating in a research note on Monday, August 24th. Morgan Stanley increased their target price on Kornit Digital from $18.00 to $19.00 and gave the stock an “equal weight” rating in a report on Thursday, August 13th. Finally, Needham & Company LLC lifted their target price on Kornit Digital from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th.

Hedge Funds Weigh In On Kornit Digital

A number of hedge funds have recently added to or reduced their stakes in KRNT. Granahan Investment Management LLC raised its holdings in shares of 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. Invenomic Capital Management LP lifted its position in shares of Kornit Digital by 196.9% in the 4th quarter. Invenomic Capital Management LP now owns 1,397,950 shares of the industrial products company’s stock worth $20,103,000 after buying an additional 927,169 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Kornit Digital by 185.2% in the 1st quarter. Assenagon Asset Management S.A. now owns 1,292,586 shares of the industrial products company’s stock valued at $18,949,000 after buying an additional 839,336 shares during the period. Janus Henderson Group PLC boosted its holdings in shares of Kornit Digital by 13.7% in the 1st quarter. Janus Henderson Group PLC now owns 793,194 shares of the industrial products company’s stock valued at $11,628,000 after buying an additional 95,693 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of Kornit Digital by 97.8% during 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 buying an additional 232,808 shares during the last quarter. Institutional investors and hedge funds own 92.76% of the company’s stock.

Kornit Digital Trading Up 3.4%

Shares of NASDAQ:KRNT opened at $16.55 on Friday. The firm has a market cap of $711.15 million, a PE ratio of -34.48 and a beta of 1.74. The company has a fifty day simple moving average of $16.18 and a 200 day simple moving average of $15.76. Kornit Digital has a 12-month low of $11.93 and a 12-month high of $19.78.

Kornit Digital (NASDAQ:KRNT) last posted its quarterly earnings data on Wednesday, August 12th. The industrial products company reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.05. The firm had revenue of $55.32 million for the quarter, compared to the consensus estimate of $52.80 million. Kornit Digital had a negative net margin of 9.42% and a negative return on equity of 1.00%. The firm’s revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.03 EPS. As a group, equities research analysts forecast that Kornit Digital will post -0.23 EPS for the current fiscal year.

About Kornit Digital

Kornit Digital Ltd. (NASDAQ: KRNT) develops and manufactures digital printing technologies for the textile, apparel, and related consumer-product industries. Its solutions are designed to support on-demand, short-run, and customized production, helping businesses reduce reliance on traditional analog printing processes.

The company’s product portfolio includes direct-to-garment and direct-to-fabric printing systems, digital printing inks, pretreatment solutions, and workflow software. Kornit also provides related services and support intended to help customers manage design, production, color, and order fulfillment across textile-printing operations.

Kornit serves customers globally, including apparel brands, retailers, manufacturers, print service providers, and e-commerce businesses.