Kornit Digital (NASDAQ:KRNT) Sets New 12-Month High at $24.34

Kornit Digital Ltd. (NASDAQ:KRNT) reached a new 52-week high during trading on Wednesday . The stock traded as high as $24.34 and last traded at $23.97, with a volume of 172209 shares trading hands. The stock had previously closed at $23.68.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on KRNT shares. StockNews.com raised shares of Kornit Digital from a “sell” rating to a “hold” rating in a report on Thursday, August 8th. Craig Hallum increased their price target on shares of Kornit Digital from $23.00 to $27.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. Needham & Company LLC reissued a “buy” rating and set a $27.00 price objective on shares of Kornit Digital in a research report on Thursday, September 12th. Finally, Morgan Stanley raised their target price on Kornit Digital from $20.00 to $26.00 and gave the stock an “overweight” rating in a report on Friday, September 13th.

Kornit Digital Trading Up 0.9 %

The company has a market cap of $1.17 billion, a P/E ratio of -19.89 and a beta of 1.90. The business’s 50 day simple moving average is $18.04 and its 200 day simple moving average is $16.62.

Kornit Digital (NASDAQ:KRNT) last posted its quarterly earnings results on Wednesday, August 7th. The industrial products company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.03. Kornit Digital had a negative return on equity of 3.22% and a negative net margin of 23.63%. The business had revenue of $48.62 million for the quarter, compared to analysts’ expectations of $50.24 million. During the same period last year, the firm earned ($0.28) earnings per share. The business’s quarterly revenue was down 13.5% on a year-over-year basis. Sell-side analysts anticipate that Kornit Digital Ltd. will post -0.28 EPS for the current year.

Hedge Funds Weigh In On Kornit Digital

Several institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets boosted its holdings in shares of Kornit Digital by 5,353.7% during the 4th quarter. BNP Paribas Financial Markets now owns 73,788 shares of the industrial products company’s stock valued at $1,414,000 after purchasing an additional 72,435 shares during the last quarter. Stephens Investment Management Group LLC grew its holdings in Kornit Digital by 23.8% during the 4th quarter. Stephens Investment Management Group LLC now owns 1,466,159 shares of the industrial products company’s stock valued at $28,092,000 after buying an additional 282,241 shares in the last quarter. Moody National Bank Trust Division grew its holdings in Kornit Digital by 7.9% during the 1st quarter. Moody National Bank Trust Division now owns 42,981 shares of the industrial products company’s stock valued at $779,000 after buying an additional 3,162 shares in the last quarter. Silverberg Bernstein Capital Management LLC increased its stake in Kornit Digital by 1.3% in the 1st quarter. Silverberg Bernstein Capital Management LLC now owns 117,250 shares of the industrial products company’s stock worth $2,125,000 after acquiring an additional 1,550 shares during the last quarter. Finally, Thompson Investment Management Inc. raised its holdings in shares of Kornit Digital by 13.6% during the 1st quarter. Thompson Investment Management Inc. now owns 523,287 shares of the industrial products company’s stock worth $9,482,000 after acquiring an additional 62,607 shares in 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.