Kornit Digital (NASDAQ:KRNT) Hits New 52-Week High After Analyst Upgrade

Kornit Digital Ltd. (NASDAQ:KRNT) shares reached a new 52-week high during mid-day trading on Wednesday after Craig Hallum raised their price target on the stock from $23.00 to $27.00. Craig Hallum currently has a buy rating on the stock. Kornit Digital traded as high as $22.16 and last traded at $22.16, with a volume of 9781 shares traded. The stock had previously closed at $21.88.

Several other analysts have also issued reports on KRNT. Needham & Company LLC restated a “buy” rating and issued a $27.00 price objective on shares of Kornit Digital in a research note on Thursday, August 8th. StockNews.com upgraded Kornit Digital from a “sell” rating to a “hold” rating in a research note on Thursday, August 8th.

Institutional Investors Weigh In On Kornit Digital

Large investors have recently added to or reduced their stakes in the stock. Chicago Capital LLC lifted its stake in shares of Kornit Digital by 14.9% in the 2nd quarter. Chicago Capital LLC now owns 2,857,604 shares of the industrial products company’s stock valued at $41,835,000 after acquiring an additional 370,962 shares during the last quarter. Disciplined Growth Investors Inc. MN lifted its stake in shares of Kornit Digital by 5.7% in the 2nd 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 acquiring an additional 111,971 shares during the last quarter. Wasatch Advisors LP lifted its stake in shares of Kornit Digital by 6.7% in the 1st quarter. Wasatch Advisors LP now owns 1,810,302 shares of the industrial products company’s stock valued at $32,803,000 after acquiring an additional 114,372 shares during the last quarter. Stephens Investment Management Group LLC lifted its stake in shares of Kornit Digital by 23.8% in the 4th 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 acquiring an additional 282,241 shares during the last quarter. Finally, William Blair Investment Management LLC lifted its stake in shares of Kornit Digital by 6.0% in the 2nd quarter. William Blair Investment Management LLC now owns 987,863 shares of the industrial products company’s stock valued at $14,462,000 after acquiring an additional 56,157 shares during the last quarter. Institutional investors and hedge funds own 92.76% of the company’s stock.

Kornit Digital Trading Down 1.3 %

The company has a market capitalization of $1.03 billion, a P/E ratio of -17.93 and a beta of 1.90. The stock has a 50 day moving average price of $16.89 and a 200 day moving average price of $16.34.

Kornit Digital (NASDAQ:KRNT) last announced its 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 business had revenue of $48.62 million during the quarter, compared to analyst estimates of $50.24 million. Kornit Digital had a negative return on equity of 3.22% and a negative net margin of 23.63%. Kornit Digital’s revenue for the quarter was down 13.5% compared to the same quarter last year. During the same period last year, the company earned ($0.28) EPS. On average, research analysts predict that Kornit Digital Ltd. will post -0.28 EPS for the current year.

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.