Kornit Digital Ltd. (NASDAQ:KRNT) Receives $29.00 Average Target Price from Analysts

Shares of Kornit Digital Ltd. (NASDAQ:KRNT) have been given an average rating of “Moderate Buy” by the five analysts that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $31.00.

A number of equities analysts recently commented on the stock. StockNews.com raised shares of Kornit Digital from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th. Craig Hallum lifted their price target on shares of Kornit Digital from $27.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Morgan Stanley raised their price objective on Kornit Digital from $20.00 to $26.00 and gave the stock an “overweight” rating in a research note on Friday, September 13th. Needham & Company LLC upped their target price on Kornit Digital from $27.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Cantor Fitzgerald began coverage on Kornit Digital in a research report on Tuesday, November 26th. They issued an “overweight” rating and a $39.00 price target on the stock.

Kornit Digital Stock Down 0.5 %

Kornit Digital stock opened at $31.64 on Tuesday. The company’s 50-day moving average price is $27.11 and its two-hundred day moving average price is $20.39. The stock has a market cap of $1.50 billion, a P/E ratio of -35.95 and a beta of 1.93. Kornit Digital has a twelve month low of $13.59 and a twelve month high of $33.00.

Kornit Digital (NASDAQ:KRNT) last announced its earnings results on Wednesday, November 6th. The industrial products company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.04. The company 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 2.17% and a negative net margin of 21.00%. The firm’s quarterly revenue was down 14.3% compared to the same quarter last year. During the same quarter last year, the company earned ($0.17) earnings per share. Equities analysts anticipate that Kornit Digital will post -0.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Kornit Digital

Several hedge funds and other institutional investors have recently modified their holdings of the business. LHM Inc. bought a new position in shares of Kornit Digital in the second quarter worth about $12,042,000. Chicago Capital LLC lifted its stake in 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 purchasing an additional 370,962 shares during the last quarter. Loomis Sayles & Co. L P bought a new position in Kornit Digital in the 3rd quarter valued at approximately $8,887,000. Artemis Investment Management LLP acquired a new stake in Kornit Digital in the third quarter valued at approximately $6,962,000. Finally, Polar Asset Management Partners Inc. grew its stake in shares of Kornit Digital by 35.7% during the third quarter. Polar Asset Management Partners Inc. now owns 621,043 shares of the industrial products company’s stock worth $16,045,000 after buying an additional 163,543 shares during the last quarter. Institutional investors own 92.76% of the company’s stock.

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.