Kornit Digital (NASDAQ:KRNT) Coverage Initiated at Morgan Stanley

Morgan Stanley began coverage on shares of Kornit Digital (NASDAQ:KRNTGet Rating) in a research report issued on Wednesday, The Fly reports. The brokerage set an “equal weight” rating and a $27.00 price target on the industrial products company’s stock. Morgan Stanley’s target price indicates a potential upside of 15.53% from the stock’s previous close.

A number of other equities research analysts have also recently weighed in on the company. Citigroup dropped their price target on Kornit Digital from $50.00 to $42.00 and set a “buy” rating for the company in a report on Thursday, November 10th. Needham & Company LLC decreased their price objective on Kornit Digital from $46.00 to $40.00 and set a “buy” rating on the stock in a research report on Thursday, November 10th. Barclays decreased their price objective on Kornit Digital from $48.00 to $34.00 and set an “overweight” rating on the stock in a research report on Thursday, November 10th. Finally, Craig Hallum decreased their price objective on Kornit Digital from $32.00 to $25.00 in a research report on Thursday, November 10th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $36.33.

Kornit Digital Price Performance

KRNT stock opened at $23.37 on Wednesday. The business has a fifty day moving average price of $24.31 and a 200 day moving average price of $26.68. Kornit Digital has a fifty-two week low of $19.44 and a fifty-two week high of $110.94. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of -27.49 and a beta of 1.64.

Kornit Digital (NASDAQ:KRNTGet Rating) last released its quarterly earnings results on Wednesday, November 9th. The industrial products company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.13). Kornit Digital had a negative net margin of 14.45% and a negative return on equity of 4.44%. The business had revenue of $66.79 million for the quarter, compared to analyst estimates of $68.06 million. On average, equities analysts expect that Kornit Digital will post -0.68 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of Kornit Digital in the 2nd quarter worth $32,000. Ensign Peak Advisors Inc bought a new position in shares of Kornit Digital in the 1st quarter worth $107,000. Ellevest Inc. boosted its position in shares of Kornit Digital by 426.1% in the 2nd quarter. Ellevest Inc. now owns 1,373 shares of the industrial products company’s stock worth $44,000 after purchasing an additional 1,112 shares during the last quarter. Tower Research Capital LLC TRC bought a new position in shares of Kornit Digital in the 3rd quarter worth $39,000. Finally, Lazard Asset Management LLC bought a new position in Kornit Digital during the second quarter worth about $48,000. 93.05% of the stock is currently owned by institutional investors.

Kornit Digital Company Profile

(Get Rating)

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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