Kornit Digital (NASDAQ:KRNT) Downgraded by StockNews.com

Kornit Digital (NASDAQ:KRNT) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Sunday.

Kornit Digital Price Performance

KRNT stock opened at $16.00 on Friday. The company has a 50-day moving average of $17.02 and a two-hundred day moving average of $17.29. The stock has a market capitalization of $763.84 million, a price-to-earnings ratio of -12.12 and a beta of 1.88. Kornit Digital has a 52-week low of $13.29 and a 52-week high of $31.94.

Kornit Digital (NASDAQ:KRNT) last released its earnings results on Wednesday, February 14th. The industrial products company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.08. The firm had revenue of $56.59 million for the quarter, compared to analyst estimates of $57.35 million. Kornit Digital had a negative return on equity of 5.05% and a negative net margin of 29.28%. Equities analysts expect that Kornit Digital will post -0.28 EPS for the current fiscal year.

Hedge Funds Weigh In On Kornit Digital

Several large investors have recently bought and sold shares of the stock. Raymond James & Associates increased its holdings in shares of Kornit Digital by 16.0% during the 3rd quarter. Raymond James & Associates now owns 18,411 shares of the industrial products company’s stock worth $348,000 after purchasing an additional 2,538 shares during the period. Raymond James Financial Services Advisors Inc. lifted its position in shares of Kornit Digital by 44.3% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 26,469 shares of the industrial products company’s stock worth $501,000 after acquiring an additional 8,122 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Kornit Digital by 22.4% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,758 shares of the industrial products company’s stock worth $222,000 after purchasing an additional 2,150 shares in the last quarter. Thompson Investment Management Inc. increased its position in shares of Kornit Digital by 4.3% during the third quarter. Thompson Investment Management Inc. now owns 337,682 shares of the industrial products company’s stock valued at $6,386,000 after purchasing an additional 13,877 shares during the period. Finally, Y.D. More Investments Ltd acquired a new position in shares of Kornit Digital in the third quarter valued at $2,816,000. 92.76% of the stock is currently owned by institutional investors and hedge funds.

About Kornit Digital

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.