Kornit Digital Ltd. (NASDAQ:KRNT) Issues Quarterly Earnings Results

Kornit Digital Ltd. (NASDAQ:KRNT) issued its earnings results on Monday, August 7th. The industrial products company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.04, Morningstar.com reports. The business had revenue of $28.59 million for the quarter, compared to analyst estimates of $29.81 million. Kornit Digital had a negative net margin of 0.29% and a positive return on equity of 7.05%. The company’s revenue for the quarter was up 19.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.02 EPS.

Kornit Digital (KRNT) opened at 14.90 on Friday. Kornit Digital has a 52-week low of $8.90 and a 52-week high of $23.15. The firm has a 50-day moving average of $19.52 and a 200 day moving average of $18.61. The company’s market cap is $501.50 million.

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Institutional investors have recently made changes to their positions in the stock. Public Employees Retirement Association of Colorado purchased a new position in shares of Kornit Digital during the second quarter valued at about $101,000. Cowen Prime Services LLC increased its position in shares of Kornit Digital by 104.8% in the second quarter. Cowen Prime Services LLC now owns 6,058 shares of the industrial products company’s stock valued at $117,000 after buying an additional 3,100 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Kornit Digital by 49.4% in the second quarter. Van ECK Associates Corp now owns 7,813 shares of the industrial products company’s stock valued at $151,000 after buying an additional 2,583 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of Kornit Digital by 1,540.0% in the second quarter. Wells Fargo & Company MN now owns 8,200 shares of the industrial products company’s stock valued at $159,000 after buying an additional 7,700 shares in the last quarter. Finally, Sei Investments Co. increased its position in shares of Kornit Digital by 104.3% in the first quarter. Sei Investments Co. now owns 9,111 shares of the industrial products company’s stock valued at $174,000 after buying an additional 4,652 shares in the last quarter. 66.74% of the stock is owned by hedge funds and other institutional investors.

A number of equities research analysts recently weighed in on KRNT shares. Craig Hallum started coverage on shares of Kornit Digital in a research report on Tuesday, July 11th. They set a “buy” rating and a $26.00 price objective for the company. Citigroup Inc. set a $22.00 price objective on shares of Kornit Digital and gave the company a “buy” rating in a research report on Tuesday, April 25th. BidaskClub downgraded shares of Kornit Digital from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. Canaccord Genuity reaffirmed a “buy” rating and set a $24.00 price objective on shares of Kornit Digital in a research report on Tuesday, August 8th. Finally, Zacks Investment Research raised shares of Kornit Digital from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $21.86.

About Kornit Digital

Kornit Digital Ltd. develops, designs and markets digital printing solutions for the global printed textile industry. The Company’s solutions include its digital printing systems, ink and other consumables, associated software and value added services. Its customers include custom decorators, online businesses, brand owners and contract printers.

Earnings History for Kornit Digital (NASDAQ:KRNT)

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