Kornit Digital (NASDAQ:KRNT) Price Target Reduced to $38.00


Digital Kornit (NASDAQ: KRNTGet a rating) had its price target reduced by Needham & Company LLC from $75.00 to $38.00 in a report released Wednesday morning, Fly reports. Needham & Company LLC currently has a buy rating on shares of the industrial products company.

Other analysts have also recently released reports on the stock. StockNews.com launched coverage on Kornit Digital shares in a report on Thursday, March 31. They issued a sell note on the stock. TheStreet downgraded Kornit Digital’s shares from a c- to a d+ rating in a Thursday, June 2 report. One analyst rated the stock with a sell rating, two issued a hold rating and four assigned the company a buy rating. According to data from MarketBeat.com, Kornit Digital currently has a consensus rating of Hold and an average price target of $85.17.

KRNT opened at $23.46 on Wednesday. Kornit Digital has a fifty-two-week low of $20.40 and a fifty-two-week high of $181.38. The company’s fifty-day moving average is $42.75 and its 200-day moving average is $78.30. The stock has a market capitalization of $1.16 billion, a price/earnings ratio of 195.52 and a beta of 2.00.

Digital Kornit (NASDAQ: KRNTGet a rating) last reported results on Wednesday, May 11. The industrial products company reported ($0.10) earnings per share for the quarter, missing analyst consensus estimates of $0.08 per ($0.18). Kornit Digital had a net margin of 1.54% and a return on equity of 1.63%. The company posted revenue of $83.29 million for the quarter, compared to $88.60 million expected by analysts. On average, equity research analysts expect Kornit Digital to post -0.07 EPS for the current year.

Several institutional investors have recently bought and sold shares of KRNT. Verition Fund Management LLC bought a new position in Kornit Digital during Q1 worth approximately $583,000. Walleye Capital LLC increased its stake in Kornit Digital by 156.0% during the 1st quarter. Walleye Capital LLC now owns 85,668 shares of the industrial products company valued at $7,084,000 after purchasing an additional 52,202 shares in the last quarter. Neuberger Berman Group LLC bought a new position in Kornit Digital during Q1 worth approximately $313,000. The Manufacturers Life Insurance Company increased its stake in Kornit Digital by 65.3% during the first quarter. The Manufacturers Life Insurance Company now owns 20,000 shares of the industrial products company valued at $1,654,000 after buying an additional 7,900 shares in the last quarter. Finally, Capital International Investors increased its stake in Kornit Digital by 48.4% in the 1st quarter. Capital International Investors now owns 708,916 shares of the industrial products company valued at $58,620,000 after purchasing an additional 231,270 shares in the last quarter. Hedge funds and other institutional investors hold 92.13% of the company’s shares.

About Kornit Digital (Get a rating)

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

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