StockNews.com Lowers Kornit Digital (NASDAQ:KRNT) to Sell

StockNews.com downgraded shares of Kornit Digital (NASDAQ:KRNT) from a hold rating to a sell rating in a research report released on Saturday.

Separately, Needham & Company LLC reaffirmed a buy rating and set a $27.00 target price on shares of Kornit Digital in a report on Thursday, May 9th.

Kornit Digital Price Performance

KRNT stock opened at $14.57 on Friday. The company has a 50 day moving average price of $15.04 and a 200 day moving average price of $16.66. Kornit Digital has a fifty-two week low of $13.29 and a fifty-two week high of $31.94. The stock has a market capitalization of $695.57 million, a PE ratio of -11.94 and a beta of 1.90.

Kornit Digital (NASDAQ:KRNT) last released its earnings results on Wednesday, May 8th. The industrial products company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.02). Kornit Digital had a negative return on equity of 4.31% and a negative net margin of 27.17%. The business had revenue of $43.78 million for the quarter, compared to analyst estimates of $45.85 million. As a group, equities analysts expect that Kornit Digital will post -0.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Kornit Digital

Several institutional investors and hedge funds have recently made changes to their positions in KRNT. Headlands Technologies LLC grew its holdings in shares of Kornit Digital by 97.9% in the 1st quarter. Headlands Technologies LLC now owns 2,076 shares of the industrial products company’s stock valued at $38,000 after buying an additional 1,027 shares during the period. Tower Research Capital LLC TRC grew its holdings in shares of Kornit Digital by 402.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 5,796 shares of the industrial products company’s stock valued at $111,000 after buying an additional 4,642 shares during the period. Anchor Investment Management LLC acquired a new position in shares of Kornit Digital in the 4th quarter valued at $140,000. Van ECK Associates Corp grew its holdings in shares of Kornit Digital by 12.4% in the 4th quarter. Van ECK Associates Corp now owns 13,099 shares of the industrial products company’s stock valued at $251,000 after buying an additional 1,441 shares during the period. Finally, Trust Point Inc. acquired a new position in shares of Kornit Digital in the 4th quarter valued at $271,000. Institutional investors and hedge funds 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.