Kornit Digital (NASDAQ:KRNT) Sets New 1-Year Low at $18.06

Kornit Digital Ltd. (NASDAQ:KRNT – Get Rating)’s stock price reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $18.06 and last traded at $18.06, with a volume of 9664 shares traded. The stock had previously closed at $18.71.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on KRNT shares. Citigroup lowered their target price on shares of Kornit Digital from $42.00 to $30.00 and set a “buy” rating on the stock in a research note on Friday, February 17th. Barclays cut shares of Kornit Digital from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $34.00 to $28.00 in a research note on Wednesday, February 15th. Needham & Company LLC reduced their target price on shares of Kornit Digital from $40.00 to $35.00 and set a “buy” rating on the stock in a research report on Monday, February 13th. Finally, Morgan Stanley initiated coverage on shares of Kornit Digital in a research report on Wednesday, January 18th. They set an “equal weight” rating and a $27.00 target price on the stock. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Kornit Digital has a consensus rating of “Hold” and an average target price of $32.50.

Kornit Digital Stock Down 0.7 %

The company’s fifty day moving average is $23.22 and its two-hundred day moving average is $24.86. The firm has a market capitalization of $924.91 million, a price-to-earnings ratio of -11.76 and a beta of 1.69.

Kornit Digital (NASDAQ:KRNT – Get Rating) last announced its quarterly earnings data on Wednesday, February 15th. The industrial products company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.03). Kornit Digital had a negative net margin of 29.12% and a negative return on equity of 6.16%. The business had revenue of $63.30 million during the quarter, compared to analyst estimates of $67.05 million. On average, equities research analysts expect that Kornit Digital Ltd. will post -0.99 EPS for the current year.

Institutional Investors Weigh In On Kornit Digital

Several hedge funds have recently bought and sold shares of the company. American International Group Inc. raised its holdings in Kornit Digital by 4.5% in the first quarter. American International Group Inc. now owns 6,791 shares of the industrial products company’s stock worth $562,000 after purchasing an additional 291 shares during the period. Ensign Peak Advisors Inc increased its position in shares of Kornit Digital by 26.9% during the second quarter. Ensign Peak Advisors Inc now owns 1,650 shares of the industrial products company’s stock worth $52,000 after acquiring an additional 350 shares in the last quarter. Prelude Capital Management LLC increased its position in shares of Kornit Digital by 3.9% during the second quarter. Prelude Capital Management LLC now owns 10,190 shares of the industrial products company’s stock worth $323,000 after acquiring an additional 383 shares in the last quarter. Fifth Third Bancorp increased its position in shares of Kornit Digital by 44.2% during the fourth quarter. Fifth Third Bancorp now owns 1,680 shares of the industrial products company’s stock worth $39,000 after acquiring an additional 515 shares in the last quarter. Finally, Prudential Financial Inc. increased its position in shares of Kornit Digital by 21.2% during the first quarter. Prudential Financial Inc. now owns 3,555 shares of the industrial products company’s stock worth $294,000 after acquiring an additional 623 shares in the last quarter. 93.05% of the stock is currently owned by institutional investors and hedge funds.

About Kornit Digital

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Kornit Digital Ltd. is engaged in the development, designing, manufacture, and marketing of industrial and commercial printing solutions for the garment, apparel, and textile industries. It offers printing solutions for apparel, polyester, sportswear, beachwear, accessories, paradigm shirt, textiles, curtains, cushions and couches.