Kornit Digital’s (KRNT) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Kornit Digital (NASDAQ:KRNT) in a research note released on Thursday, Benzinga reports. The brokerage currently has a $27.00 target price on the industrial products company’s stock.

Several other brokerages have also weighed in on KRNT. StockNews.com upgraded shares of Kornit Digital from a sell rating to a hold rating in a research report on Thursday, August 8th. Craig Hallum upped their target price on shares of Kornit Digital from $23.00 to $27.00 and gave the stock a buy rating in a research report on Wednesday, September 11th.

Kornit Digital Stock Up 0.5 %

NASDAQ KRNT opened at $23.00 on Thursday. The stock has a market capitalization of $1.09 billion, a P/E ratio of -18.85 and a beta of 1.90. Kornit Digital has a 52-week low of $13.29 and a 52-week high of $24.08. The firm has a 50-day moving average price of $17.37 and a 200 day moving average price of $16.44.

Kornit Digital (NASDAQ:KRNT) last posted its quarterly earnings results on Wednesday, August 7th. The industrial products company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.03. The firm had revenue of $48.62 million during the quarter, compared to analysts’ expectations of $50.24 million. Kornit Digital had a negative net margin of 23.63% and a negative return on equity of 3.22%. The firm’s revenue for the quarter was down 13.5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.28) earnings per share. On average, equities research analysts expect that Kornit Digital will post -0.28 earnings per share for the current fiscal year.

Institutional Trading of Kornit Digital

Several large investors have recently modified their holdings of KRNT. LHM Inc. acquired a new stake in shares of Kornit Digital in the second quarter valued at approximately $12,042,000. Chicago Capital LLC grew its position in shares of Kornit Digital by 14.9% in the second quarter. Chicago Capital LLC now owns 2,857,604 shares of the industrial products company’s stock valued at $41,835,000 after purchasing an additional 370,962 shares during the last quarter. Stephens Investment Management Group LLC grew its position in shares of Kornit Digital by 23.8% in the fourth quarter. Stephens Investment Management Group LLC now owns 1,466,159 shares of the industrial products company’s stock valued at $28,092,000 after purchasing an additional 282,241 shares during the last quarter. Wasatch Advisors LP grew its position in shares of Kornit Digital by 6.7% in the first quarter. Wasatch Advisors LP now owns 1,810,302 shares of the industrial products company’s stock valued at $32,803,000 after purchasing an additional 114,372 shares during the last quarter. Finally, Disciplined Growth Investors Inc. MN grew its position in shares of Kornit Digital by 5.7% in the second quarter. Disciplined Growth Investors Inc. MN now owns 2,060,575 shares of the industrial products company’s stock valued at $30,167,000 after purchasing an additional 111,971 shares during the last quarter. 92.76% of the stock is currently owned by institutional investors and hedge funds.

Kornit Digital Company Profile

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.