Kornit Digital (NASDAQ:KRNT) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Kornit Digital (NASDAQ:KRNT) had its target price hoisted by Needham & Company LLC from $27.00 to $31.00 in a report issued on Thursday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the industrial products company’s stock.

KRNT has been the topic of several other reports. Barclays increased their target price on shares of Kornit Digital from $21.00 to $26.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 1st. Morgan Stanley boosted their price target on Kornit Digital from $20.00 to $26.00 and gave the stock an “overweight” rating in a research report on Friday, September 13th. Craig Hallum increased their price objective on Kornit Digital from $23.00 to $27.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Finally, StockNews.com raised shares of Kornit Digital from a “sell” rating to a “hold” rating in a report on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $29.00.

Kornit Digital Price Performance

Shares of KRNT stock traded up $0.05 during trading hours on Thursday, hitting $30.47. 230,680 shares of the company’s stock were exchanged, compared to its average volume of 369,860. The stock’s 50-day moving average is $23.62 and its 200-day moving average is $18.46. Kornit Digital has a 52 week low of $13.59 and a 52 week high of $31.19. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of -29.53 and a beta of 1.93.

Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings data on Wednesday, November 6th. The industrial products company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.03. The firm had revenue of $50.73 million for the quarter, compared to analyst estimates of $50.44 million. Kornit Digital had a negative return on equity of 3.22% and a negative net margin of 23.63%. The business’s quarterly revenue was down 14.3% compared to the same quarter last year. During the same period last year, the company earned ($0.17) EPS. Equities research analysts forecast that Kornit Digital will post -0.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Kornit Digital

A number of large investors have recently bought and sold shares of the company. Headlands Technologies LLC lifted its stake in Kornit Digital by 97.9% during the first quarter. Headlands Technologies LLC now owns 2,076 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 1,027 shares during the last quarter. nVerses Capital LLC acquired a new stake in Kornit Digital in the second quarter valued at approximately $40,000. Signaturefd LLC grew its stake in shares of Kornit Digital by 29.4% during the second quarter. Signaturefd LLC now owns 3,428 shares of the industrial products company’s stock worth $50,000 after buying an additional 779 shares during the last quarter. Privium Fund Management B.V. acquired a new position in shares of Kornit Digital during the second quarter worth $159,000. Finally, Bank of New York Mellon Corp lifted its stake in shares of Kornit Digital by 8.0% in 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 acquiring an additional 1,184 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.