Kornit Digital Ltd (NASDAQ:KRNT)’s stock price traded down 8.6% during mid-day trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $26.80 and last traded at $27.29, 1,044,621 shares traded hands during mid-day trading. An increase of 194% from the average session volume of 355,185 shares. The stock had previously closed at $29.87.
The industrial products company reported $0.08 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.09 by ($0.01). The business had revenue of $43.89 million for the quarter, compared to the consensus estimate of $45.91 million. Kornit Digital had a net margin of 6.88% and a return on equity of 4.27%. The business’s revenue was up 22.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.09 EPS.
A number of analysts have recently issued reports on the company. BidaskClub upgraded Kornit Digital from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 27th. Needham & Company LLC reiterated a “buy” rating and set a $34.00 price target (up previously from $32.00) on shares of Kornit Digital in a research report on Tuesday, June 18th. TheStreet downgraded Kornit Digital from a “b” rating to a “c+” rating in a research report on Tuesday, May 28th. Finally, Zacks Investment Research downgraded Kornit Digital from a “hold” rating to a “strong sell” rating in a research report on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $26.80.
The stock has a 50-day moving average of $30.04. The stock has a market cap of $1.24 billion, a P/E ratio of 113.71 and a beta of 1.05. The company has a current ratio of 2.94, a quick ratio of 2.04 and a debt-to-equity ratio of 0.06.
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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