Kornit Digital (NASDAQ:KRNT) Sets New 52-Week High Following Analyst Upgrade

Shares of Kornit Digital Ltd. (NASDAQ:KRNT) reached a new 52-week high during trading on Tuesday after Morgan Stanley raised their price target on the stock from $33.00 to $38.00. Morgan Stanley currently has an overweight rating on the stock. Kornit Digital traded as high as $33.99 and last traded at $33.37, with a volume of 53910 shares trading hands. The stock had previously closed at $32.91.

Several other equities research analysts also recently weighed in on the stock. Craig Hallum increased their target price on shares of Kornit Digital from $27.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Cantor Fitzgerald assumed coverage on shares of Kornit Digital in a research note on Tuesday, November 26th. They issued an “overweight” rating and a $39.00 price objective for the company. Barclays increased their price target 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, Needham & Company LLC boosted their price objective on Kornit Digital from $27.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Kornit Digital presently has an average rating of “Moderate Buy” and a consensus target price of $33.40.

Institutional Investors Weigh In On Kornit Digital

Institutional investors and hedge funds have recently bought and sold shares of the company. nVerses Capital LLC bought a new position in shares of Kornit Digital during the 2nd quarter worth $40,000. Signaturefd LLC lifted its stake in Kornit Digital by 29.4% in the second quarter. Signaturefd LLC now owns 3,428 shares of the industrial products company’s stock worth $50,000 after acquiring an additional 779 shares during the period. Privium Fund Management B.V. bought a new position in Kornit Digital during the 2nd quarter worth about $159,000. Bank of New York Mellon Corp increased its position 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 valued at $235,000 after purchasing an additional 1,184 shares during the period. Finally, B. Riley Wealth Advisors Inc. increased its position in Kornit Digital by 26.2% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 17,486 shares of the industrial products company’s stock valued at $256,000 after purchasing an additional 3,633 shares during the period. 92.76% of the stock is owned by institutional investors.

Kornit Digital Stock Performance

The firm’s fifty day moving average price is $28.57 and its 200 day moving average price is $21.74. The firm has a market cap of $1.50 billion, a P/E ratio of -35.80 and a beta of 2.01.

Kornit Digital (NASDAQ:KRNT) last issued its quarterly earnings data on Wednesday, November 6th. The industrial products company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.04. The company had revenue of $50.73 million during the quarter, compared to the consensus estimate of $50.44 million. Kornit Digital had a negative net margin of 21.00% and a negative return on equity of 2.17%. Kornit Digital’s revenue for the quarter was down 14.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.17) earnings per share. As a group, analysts expect that Kornit Digital Ltd. will post -0.22 earnings per share for the current fiscal year.

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.