Kornit Digital (NASDAQ:KRNT) Coverage Initiated at Cantor Fitzgerald

Cantor Fitzgerald started coverage on shares of Kornit Digital (NASDAQ:KRNT) in a note issued to investors on Tuesday, MarketBeat reports. The firm set an “overweight” rating and a $39.00 price target on the industrial products company’s stock. Cantor Fitzgerald’s price target would suggest a potential upside of 24.36% from the stock’s previous close.

A number of other equities analysts have also commented on KRNT. Needham & Company LLC boosted their price target on shares of Kornit Digital from $27.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. StockNews.com upgraded Kornit Digital from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th. Morgan Stanley lifted their price objective on Kornit Digital from $20.00 to $26.00 and gave the company an “overweight” rating in a research report on Friday, September 13th. Barclays increased their target price on Kornit Digital from $21.00 to $26.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 1st. Finally, Craig Hallum upped their price target on shares of Kornit Digital from $27.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $31.00.

Kornit Digital Trading Down 2.2 %

KRNT stock opened at $31.36 on Tuesday. The firm has a market cap of $1.49 billion, a P/E ratio of -35.64 and a beta of 1.93. Kornit Digital has a 1-year low of $13.59 and a 1-year high of $33.00. The business’s 50 day moving average is $26.66 and its 200-day moving average is $20.02.

Kornit Digital (NASDAQ:KRNT) last released its quarterly earnings data on Wednesday, November 6th. The industrial products company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.04. Kornit Digital had a negative return on equity of 2.17% and a negative net margin of 21.00%. The firm had revenue of $50.73 million during the quarter, compared to analyst estimates of $50.44 million. During the same period in the prior year, the company posted ($0.17) earnings per share. The business’s revenue for the quarter was down 14.3% compared to the same quarter last year. Sell-side analysts forecast that Kornit Digital will post -0.2 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. nVerses Capital LLC bought a new stake in shares of Kornit Digital in the second quarter worth about $40,000. Signaturefd LLC grew its position in shares of Kornit Digital by 29.4% in the 2nd quarter. Signaturefd LLC now owns 3,428 shares of the industrial products company’s stock valued at $50,000 after purchasing an additional 779 shares during the period. Privium Fund Management B.V. bought a new stake in Kornit Digital during the 2nd quarter worth approximately $159,000. Bank of New York Mellon Corp raised its holdings in Kornit Digital by 8.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 16,029 shares of the industrial products company’s stock worth $235,000 after buying an additional 1,184 shares during the period. Finally, B. Riley Wealth Advisors Inc. lifted its stake in Kornit Digital by 26.2% in the second quarter. B. Riley Wealth Advisors Inc. now owns 17,486 shares of the industrial products company’s stock valued at $256,000 after buying an additional 3,633 shares in the last quarter. 92.76% of the stock is currently owned by institutional investors.

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.