Kornit Digital (NASDAQ:KRNT) Releases Earnings Results, Beats Estimates By $0.03 EPS

Kornit Digital (NASDAQ:KRNT) posted its earnings results on Wednesday. The industrial products company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.03, Briefing.com reports. The firm had revenue of $50.73 million for the quarter, compared to the consensus estimate of $50.44 million. Kornit Digital had a negative net margin of 23.63% and a negative return on equity of 3.22%. The business’s quarterly revenue was down 14.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.17) EPS. Kornit Digital updated its Q4 2024 guidance to EPS.

Kornit Digital Trading Up 3.5 %

NASDAQ:KRNT traded up $1.02 during trading hours on Thursday, hitting $30.42. The company had a trading volume of 337,936 shares, compared to its average volume of 370,503. Kornit Digital has a 1 year low of $13.59 and a 1 year high of $31.19. The company has a market cap of $1.45 billion, a P/E ratio of -29.50 and a beta of 1.93. The company has a 50-day moving average of $23.39 and a 200 day moving average of $18.38.

Analyst Upgrades and Downgrades

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

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.