Kornit Digital (NASDAQ:KRNT) Hits New 12-Month High at $26.57

Kornit Digital Ltd. (NASDAQ:KRNT)’s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $26.57 and last traded at $25.85, with a volume of 130621 shares traded. The stock had previously closed at $26.45.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Morgan Stanley upped their price objective on Kornit Digital from $20.00 to $26.00 and gave the company an “overweight” rating in a research note on Friday, September 13th. Needham & Company LLC restated a “buy” rating and set a $27.00 price objective on shares of Kornit Digital in a research note on Thursday, September 12th. StockNews.com upgraded Kornit Digital from a “sell” rating to a “hold” rating in a research note on Thursday, August 8th. Finally, Craig Hallum upped their price objective on Kornit Digital from $23.00 to $27.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th.

Kornit Digital Trading Down 3.3 %

The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of -21.20 and a beta of 1.90. The firm has a 50-day moving average of $19.16 and a 200 day moving average of $16.89.

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

Institutional Trading of Kornit Digital

Hedge funds and other institutional investors have recently modified their holdings of the company. Wasatch Advisors LP raised its holdings in shares of Kornit Digital by 6.7% during the first quarter. Wasatch Advisors LP now owns 1,810,302 shares of the industrial products company’s stock worth $32,803,000 after acquiring an additional 114,372 shares in the last quarter. Tidal Investments LLC purchased a new stake in shares of Kornit Digital during the first quarter worth $664,000. William Blair Investment Management LLC raised its holdings in Kornit Digital by 4.0% during the first quarter. William Blair Investment Management LLC now owns 931,706 shares of the industrial products company’s stock valued at $16,883,000 after buying an additional 35,930 shares in the last quarter. Harbor Capital Advisors Inc. raised its holdings in Kornit Digital by 217.0% during the second quarter. Harbor Capital Advisors Inc. now owns 80,466 shares of the industrial products company’s stock valued at $1,178,000 after buying an additional 55,086 shares in the last quarter. Finally, Disciplined Growth Investors Inc. MN raised its holdings in Kornit Digital by 5.7% during 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 buying an additional 111,971 shares in the last quarter. 92.76% of the stock is currently owned by hedge funds and other institutional investors.

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.