Kornit Digital (NASDAQ:KRNT) Hits New 12-Month High – Still a Buy?

Kornit Digital Ltd. (NASDAQ:KRNT)’s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $32.57 and last traded at $32.49, with a volume of 13349 shares. The stock had previously closed at $32.25.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on KRNT. Needham & Company LLC upped their price objective on shares of Kornit Digital from $27.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, November 7th. StockNews.com upgraded Kornit Digital from a “sell” rating to a “hold” rating in a report on Thursday, August 8th. Craig Hallum boosted their price objective on Kornit Digital from $27.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Barclays increased their target price 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, Morgan Stanley boosted their price target on shares of Kornit Digital from $20.00 to $26.00 and gave the company an “overweight” rating in a research note on Friday, September 13th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $29.00.

Kornit Digital Price Performance

The company has a fifty day moving average of $24.69 and a 200-day moving average of $18.93. The firm has a market cap of $1.51 billion, a P/E ratio of -36.13 and a beta of 1.93.

Kornit Digital (NASDAQ:KRNT) last released its quarterly earnings results on Wednesday, November 6th. The industrial products company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.04. Kornit Digital had a negative net margin of 21.00% and a negative return on equity of 2.17%. The company had revenue of $50.73 million for the quarter, compared to analyst estimates of $50.44 million. During the same period last year, the firm earned ($0.17) earnings per share. The firm’s revenue was down 14.3% on a year-over-year basis. On average, sell-side analysts expect that Kornit Digital Ltd. will post -0.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Kornit Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Signaturefd LLC boosted 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 valued at $50,000 after acquiring an additional 779 shares during the last quarter. Trust Point Inc. raised its holdings in shares of Kornit Digital by 4.6% in the 3rd quarter. Trust Point Inc. now owns 17,868 shares of the industrial products company’s stock worth $462,000 after purchasing an additional 785 shares during the period. Privium Fund Management B.V. lifted its stake in Kornit Digital by 8.8% in the third quarter. Privium Fund Management B.V. now owns 11,800 shares of the industrial products company’s stock valued at $305,000 after purchasing an additional 950 shares during the last quarter. Headlands Technologies LLC grew its holdings 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 valued at $38,000 after purchasing an additional 1,027 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Kornit Digital by 8.0% in the second quarter. Bank of New York Mellon Corp now owns 16,029 shares of the industrial products company’s stock worth $235,000 after buying an additional 1,184 shares during the last quarter. 92.76% of the stock is owned by hedge funds and other institutional investors.

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.