ARK Investment Management LLC Increases Holdings in Kornit Digital Ltd. (NASDAQ:KRNT)

ARK Investment Management LLC lifted its holdings in Kornit Digital Ltd. (NASDAQ:KRNTGet Rating) by 20.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,135 shares of the industrial products company’s stock after purchasing an additional 5,389 shares during the quarter. ARK Investment Management LLC owned 0.06% of Kornit Digital worth $1,307,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Schroder Investment Management Group purchased a new position in shares of Kornit Digital in the fourth quarter worth $30,000. Compass Financial Advisors LLC raised its stake in shares of Kornit Digital by 3.3% in the first quarter. Compass Financial Advisors LLC now owns 6,424 shares of the industrial products company’s stock worth $531,000 after purchasing an additional 206 shares during the last quarter. CIBC Asset Management Inc raised its stake in shares of Kornit Digital by 5.1% in the first quarter. CIBC Asset Management Inc now owns 4,707 shares of the industrial products company’s stock worth $389,000 after purchasing an additional 228 shares during the last quarter. Stephens Inc. AR raised its stake in shares of Kornit Digital by 9.1% in the fourth quarter. Stephens Inc. AR now owns 2,854 shares of the industrial products company’s stock worth $435,000 after purchasing an additional 237 shares during the last quarter. Finally, HM Payson & Co. purchased a new position in shares of Kornit Digital in the fourth quarter worth $39,000. Hedge funds and other institutional investors own 95.79% of the company’s stock.

Wall Street Analysts Forecast Growth

KRNT has been the subject of several recent analyst reports. Citigroup decreased their price target on Kornit Digital from $90.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday, July 6th. Craig Hallum upped their price objective on Kornit Digital from $26.00 to $32.00 and gave the company a “hold” rating in a research report on Thursday, August 11th. TheStreet cut Kornit Digital from a “c-” rating to a “d+” rating in a research report on Thursday, June 2nd. Needham & Company LLC upped their price objective on Kornit Digital from $38.00 to $46.00 and gave the company a “buy” rating in a research report on Thursday, August 11th. Finally, Stifel Nicolaus cut Kornit Digital from a “buy” rating to a “hold” rating and reduced their price objective for the company from $100.00 to $50.00 in a research report on Wednesday, July 6th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Kornit Digital currently has a consensus rating of “Hold” and an average price target of $75.60.

Kornit Digital Stock Performance

NASDAQ:KRNT opened at $28.53 on Tuesday. The stock has a 50-day simple moving average of $29.34 and a two-hundred day simple moving average of $47.33. Kornit Digital Ltd. has a 52-week low of $20.40 and a 52-week high of $181.38. The firm has a market capitalization of $1.42 billion, a PE ratio of -73.15 and a beta of 1.74.

Kornit Digital (NASDAQ:KRNTGet Rating) last released its quarterly earnings results on Wednesday, August 10th. The industrial products company reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.37) by ($0.06). Kornit Digital had a negative net margin of 6.29% and a negative return on equity of 1.89%. The company had revenue of $62.50 million for the quarter, compared to the consensus estimate of $58.00 million. During the same period in the prior year, the firm posted $0.15 EPS. The business’s revenue for the quarter was down 29.2% on a year-over-year basis.

About Kornit Digital

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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. The company's solutions include digital printing systems, ink and other consumables, associated software, and value-added services.

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Institutional Ownership by Quarter for Kornit Digital (NASDAQ:KRNT)

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