Kornit Digital (NASDAQ:KRNT) Reaches New 52-Week Low - Here's Why
Kornit Digital (NASDAQ:KRNT) reached a new 52-week low of $12.5650, down 6.5% from its previous close of $13.33. Analysts have mixed ratings, with Barclays setting a target price of $22.00 and Needham lowering it to $25.00. The company reported a quarterly EPS of $0.03, beating estimates, but revenue fell short at $49.75 million. Institutional investors hold 92.76% of the stock, indicating strong interest despite recent sell-offs. Kornit Digital specializes in digital printing solutions for textiles across various regions.
Kornit Digital Ltd. (NASDAQ:KRNT - Get Free Report)'s share price reached a new 52-week low during trading on Wednesday . The stock traded as low as $12.78 and last traded at $12.5650, with a volume of 90045 shares changing hands. The stock had previously closed at $13.33.
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Wall Street Analyst Weigh In
- The Sell-Off In Kornit Digital May Set Up A 2nd Half Opportunity
Several brokerages have recently weighed in on KRNT. Barclays set a $22.00 price objective on Kornit Digital and gave the stock an "equal weight" rating in a report on Thursday, August 7th. Weiss Ratings restated a "sell (e+)" rating on shares of Kornit Digital in a research note on Wednesday, October 8th. Finally, Needham & Company LLC cut their target price on Kornit Digital from $30.00 to $25.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $31.40.
Read Our Latest Stock Report on Kornit Digital
Kornit Digital Trading Down 6.5%
The company has a 50 day moving average of $14.25 and a 200 day moving average of $17.69. The firm has a market cap of $558.37 million, a price-to-earnings ratio of -49.46 and a beta of 1.90.
Kornit Digital (NASDAQ:KRNT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $0.03 EPS for the quarter, beating the consensus estimate of $0.02 by $0.01. The business had revenue of $49.75 million for the quarter, compared to analyst estimates of $52.07 million. Kornit Digital had a negative return on equity of 0.74% and a negative net margin of 5.43%.Kornit Digital's quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.02 EPS. As a group, sell-side analysts anticipate that Kornit Digital Ltd. will post -0.2 EPS for the current fiscal year.
Institutional Investors Weigh In On Kornit Digital
A number of hedge funds and other institutional investors have recently bought and sold shares of KRNT. Dudley & Shanley Inc. increased its holdings in Kornit Digital by 97.5% during the 3rd quarter. Dudley & Shanley Inc. now owns 1,258,895 shares of the industrial products company's stock valued at $16,995,000 after purchasing an additional 621,595 shares in the last quarter. Hood River Capital Management LLC increased its holdings in Kornit Digital by 39.1% during the 2nd quarter. Hood River Capital Management LLC now owns 2,182,569 shares of the industrial products company's stock valued at $43,455,000 after purchasing an additional 613,070 shares in the last quarter. Thompson Investment Management Inc. increased its holdings in Kornit Digital by 169.5% during the 3rd quarter. Thompson Investment Management Inc. now owns 789,761 shares of the industrial products company's stock valued at $10,662,000 after purchasing an additional 496,754 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Kornit Digital by 79.9% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 557,873 shares of the industrial products company's stock valued at $11,107,000 after purchasing an additional 247,763 shares in the last quarter. Finally, Stephens Investment Management Group LLC increased its holdings in Kornit Digital by 12.8% during the 2nd quarter. Stephens Investment Management Group LLC now owns 1,526,904 shares of the industrial products company's stock valued at $30,401,000 after purchasing an additional 173,492 shares in the last quarter. 92.76% of the stock is owned by institutional investors and hedge funds.
Kornit Digital Company Profile
(Get Free Report)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.
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