Kornit Digital (KRNT) Shares Gap Down to $25.51

Kornit Digital Ltd (NASDAQ:KRNT) shares gapped down prior to trading on Wednesday . The stock had previously closed at $24.34, but opened at $25.51. Kornit Digital shares last traded at $24.58, with a volume of 16508 shares trading hands.

KRNT has been the subject of a number of research analyst reports. Zacks Investment Research cut Kornit Digital from a “buy” rating to a “hold” rating in a research note on Wednesday, January 30th. Craig Hallum set a $25.00 target price on Kornit Digital and gave the company a “buy” rating in a research note on Thursday, February 14th. BidaskClub upgraded Kornit Digital from a “hold” rating to a “buy” rating in a research note on Tuesday, February 12th. Finally, Needham & Company LLC raised their target price on Kornit Digital from $24.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, April 4th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $24.29.

The company has a market cap of $875.92 million, a PE ratio of 107.88 and a beta of 1.08.

Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings data on Tuesday, February 12th. The industrial products company reported $0.04 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.10 by ($0.06). The company had revenue of $37.80 million for the quarter, compared to analysts’ expectations of $38.11 million. Kornit Digital had a net margin of 8.73% and a return on equity of 5.09%. The firm’s quarterly revenue was up 26.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.04 EPS. On average, equities analysts anticipate that Kornit Digital Ltd will post 0.44 earnings per share for the current year.

A number of large investors have recently made changes to their positions in KRNT. Legal & General Group Plc raised its stake in Kornit Digital by 71.1% during the third quarter. Legal & General Group Plc now owns 1,345 shares of the industrial products company’s stock valued at $29,000 after buying an additional 559 shares during the last quarter. Advisor Group Inc. raised its stake in Kornit Digital by 53.7% during the first quarter. Advisor Group Inc. now owns 1,434 shares of the industrial products company’s stock valued at $34,000 after buying an additional 501 shares during the last quarter. PRW Wealth Management LLC purchased a new position in Kornit Digital during the fourth quarter valued at $38,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Kornit Digital by 31.4% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,752 shares of the industrial products company’s stock valued at $42,000 after buying an additional 419 shares during the last quarter. Finally, Stephens Inc. AR purchased a new position in Kornit Digital during the first quarter valued at $54,000. Institutional investors and hedge funds own 96.06% of the company’s stock.

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About Kornit Digital (NASDAQ:KRNT)

Kornit Digital Ltd. develops, designs, and markets digital printing solutions for the fashion, apparel, and home decor segments of printed textile industry. The company's solutions include digital printing systems, ink and other consumables, associated software, and value added services. It offers direct-to-garment printing systems from smaller industrial operators to mass producers; NeoPigment ink and other consumables; QuickP designer software; and value added services, such as maintenance and support, and professional services.

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