Kornit Digital (NASDAQ:KRNT) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Kornit Digital (NASDAQ:KRNT - Free Report) had its price objective lifted by Morgan Stanley from $33.00 to $38.00 in a research report sent to investors on Monday,Benzinga reports. They currently have an overweight rating on the industrial products company's stock.

Several other research firms have also weighed in on KRNT. Barclays raised their price objective on shares of Kornit Digital from $21.00 to $26.00 and gave the stock an "equal weight" rating in a report on Tuesday, October 1st. Needham & Company LLC raised their price target on Kornit Digital from $27.00 to $31.00 and gave the company a "buy" rating in a report on Thursday, November 7th. Cantor Fitzgerald assumed coverage on Kornit Digital in a research note on Tuesday, November 26th. They issued an "overweight" rating and a $39.00 price objective on the stock. Finally, Craig Hallum raised their target price on Kornit Digital from $27.00 to $33.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $33.40.

Kornit Digital Stock Performance

NASDAQ KRNT traded up $0.81 during trading on Monday, reaching $32.91. 226,428 shares of the company traded hands, compared to its average volume of 361,941. Kornit Digital has a 1-year low of $13.59 and a 1-year high of $33.31. The company has a market cap of $1.56 billion, a price-to-earnings ratio of -37.40 and a beta of 2.01. The stock's 50 day moving average price is $28.24 and its two-hundred day moving average price is $21.48.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The industrial products company reported $0.11 earnings per share for the quarter, beating analysts' consensus estimates of $0.07 by $0.04. Kornit Digital had a negative return on equity of 2.17% and a negative net margin of 21.00%. The firm had revenue of $50.73 million for the quarter, compared to analysts' expectations of $50.44 million. During the same period in the prior year, the business posted ($0.17) earnings per share. The business's revenue was down 14.3% compared to the same quarter last year. Equities research analysts expect that Kornit Digital will post -0.22 EPS for the current fiscal year.

Institutional Trading of Kornit Digital

Hedge funds have recently modified their holdings of the company. LHM Inc. bought a new position in Kornit Digital in the second quarter valued at approximately $12,042,000. Chicago Capital LLC lifted its position in Kornit Digital by 14.9% in the 2nd quarter. Chicago Capital LLC now owns 2,857,604 shares of the industrial products company's stock valued at $41,835,000 after acquiring an additional 370,962 shares in the last quarter. Loomis Sayles & Co. L P bought a new stake in Kornit Digital in the 3rd quarter valued at $8,887,000. Artemis Investment Management LLP acquired a new position in Kornit Digital in the 3rd quarter worth $6,962,000. Finally, Polar Asset Management Partners Inc. increased its holdings in Kornit Digital by 35.7% during the 3rd quarter. Polar Asset Management Partners Inc. now owns 621,043 shares of the industrial products company's stock worth $16,045,000 after purchasing an additional 163,543 shares in the last quarter. 92.76% of the stock is currently owned by institutional investors and hedge funds.

Kornit Digital Company Profile

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.