Kornit Digital (NASDAQ:KRNT) Hits New 1-Year High – Here’s Why

Shares of Kornit Digital Ltd. (NASDAQ:KRNT) reached a new 52-week high on Tuesday . The stock 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.

Analysts Set New Price Targets

Several research analysts have recently weighed in on KRNT shares. StockNews.com upgraded Kornit Digital from a “sell” rating to a “hold” rating in a research note on Thursday, August 8th. Craig Hallum increased 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, November 7th. Morgan Stanley increased their price target on Kornit Digital from $20.00 to $26.00 and gave the stock an “overweight” rating in a research note on Friday, September 13th. Barclays increased their price target on Kornit Digital from $21.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 1st. Finally, Needham & Company LLC raised 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, November 7th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.00.

Kornit Digital Trading Down 2.6 %

The stock has a 50 day simple moving average of $24.13 and a 200 day simple moving average of $18.72. The firm has a market capitalization of $1.49 billion, a PE ratio of -35.68 and a beta of 1.93.

Kornit Digital (NASDAQ:KRNT) last posted its earnings results on Wednesday, November 6th. The industrial products company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.04. Kornit Digital had a negative return on equity of 2.17% and a negative net margin of 21.00%. The firm had revenue of $50.73 million for the quarter, compared to analysts’ expectations of $50.44 million. During the same period in the previous year, the firm earned ($0.17) earnings per share. The business’s revenue was down 14.3% compared to the same quarter last year. As a group, equities analysts anticipate that Kornit Digital Ltd. will post -0.28 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of KRNT. Headlands Technologies LLC increased its position 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 acquiring an additional 1,027 shares during the last quarter. nVerses Capital LLC purchased a new stake in Kornit Digital during the second quarter valued at $40,000. Signaturefd LLC increased its position in Kornit Digital by 29.4% during 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. Privium Fund Management B.V. purchased a new stake in Kornit Digital during the second quarter valued at $159,000. 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 in the last quarter. Hedge funds and other 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.