Kornit Digital (NASDAQ:KRNT) Reaches New 1-Year High on Analyst Upgrade

Kornit Digital Ltd. (NASDAQ:KRNT - Get Free Report)'s share price hit a new 52-week high during trading on Tuesday after Morgan Stanley raised their price target on the stock from $33.00 to $38.00. Morgan Stanley currently has an overweight rating on the stock. Kornit Digital traded as high as $33.99 and last traded at $33.37, with a volume of 53910 shares traded. The stock had previously closed at $32.91.

Other analysts have also recently issued research reports about the stock. Needham & Company LLC raised their target price on shares of Kornit Digital from $27.00 to $31.00 and gave the company a "buy" rating in a report on Thursday, November 7th. Craig Hallum increased their target price on Kornit Digital from $27.00 to $33.00 and gave the company a "buy" rating in a report on Thursday, November 7th. Cantor Fitzgerald assumed coverage on Kornit Digital in a report on Tuesday, November 26th. They set an "overweight" rating and a $39.00 price target for the company. Finally, Barclays increased their price objective on Kornit Digital from $21.00 to $26.00 and gave the company an "equal weight" rating in a report on Tuesday, October 1st. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $33.40.

Institutional Investors Weigh In On Kornit Digital

Several institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its holdings in Kornit Digital by 8.0% in the second quarter. Bank of New York Mellon Corp now owns 16,029 shares of the industrial products company's stock valued at $235,000 after purchasing an additional 1,184 shares during the last quarter. Taylor Frigon Capital Management LLC increased its holdings in Kornit Digital by 21.0% during the 2nd quarter. Taylor Frigon Capital Management LLC now owns 243,814 shares of the industrial products company's stock valued at $3,569,000 after acquiring an additional 42,383 shares in the last quarter. Signaturefd LLC raised its position in Kornit Digital by 29.4% during the second quarter. Signaturefd LLC now owns 3,428 shares of the industrial products company's stock worth $50,000 after acquiring an additional 779 shares during the last quarter. nVerses Capital LLC purchased a new stake in shares of Kornit Digital in the second quarter valued at about $40,000. Finally, Privium Fund Management B.V. acquired a new stake in shares of Kornit Digital in the second quarter valued at approximately $159,000. 92.76% of the stock is currently owned by hedge funds and other institutional investors.

Kornit Digital Stock Performance

The company has a 50-day moving average of $28.40 and a 200-day moving average of $21.61. The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of -37.13 and a beta of 2.01.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The industrial products company reported $0.11 earnings per share for the quarter, topping 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 company had revenue of $50.73 million during the quarter, compared to analysts' expectations of $50.44 million. During the same period in the previous year, the firm posted ($0.17) earnings per share. The business's revenue for the quarter was down 14.3% compared to the same quarter last year. As a group, analysts expect that Kornit Digital Ltd. will post -0.22 earnings per share for the current year.

About Kornit Digital

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.