Kornit Digital (NASDAQ:KRNT) Reaches New 52-Week High – Time to Buy?

Shares of Kornit Digital Ltd. (NASDAQ:KRNT) hit a new 52-week high on Wednesday . The company traded as high as $27.45 and last traded at $27.42, with a volume of 990 shares changing hands. The stock had previously closed at $24.23.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. StockNews.com upgraded Kornit Digital from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th. Barclays increased their target price 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 reaffirmed a “buy” rating and set a $27.00 price target on shares of Kornit Digital in a report on Thursday, September 12th. Morgan Stanley increased their price objective on shares of Kornit Digital from $20.00 to $26.00 and gave the company an “overweight” rating in a research note on Friday, September 13th. Finally, Craig Hallum boosted their target price on shares of Kornit Digital from $23.00 to $27.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $26.50.

Kornit Digital Price Performance

The company has a fifty day moving average price of $23.17 and a two-hundred day moving average price of $18.30. The company has a market capitalization of $1.32 billion, a P/E ratio of -27.67 and a beta of 1.93.

Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings results on Wednesday, August 7th. The industrial products company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.03. The firm had revenue of $48.62 million during the quarter, compared to analysts’ expectations of $50.24 million. Kornit Digital had a negative net margin of 23.63% and a negative return on equity of 3.22%. The company’s revenue was down 13.5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.28) EPS. As a group, sell-side analysts forecast that Kornit Digital Ltd. will post -0.28 earnings per share for the current year.

Institutional Trading of Kornit Digital

Institutional investors and hedge funds have recently bought and sold shares of the stock. Oppenheimer Asset Management Inc. grew its position in shares of Kornit Digital by 13.6% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 39,515 shares of the industrial products company’s stock valued at $716,000 after buying an additional 4,725 shares during the last quarter. Headlands Technologies LLC lifted its stake in shares of Kornit Digital by 97.9% in the first quarter. Headlands Technologies LLC now owns 2,076 shares of the industrial products company’s stock worth $38,000 after acquiring an additional 1,027 shares during the period. William Blair Investment Management LLC boosted its holdings in Kornit Digital by 4.0% in the first quarter. William Blair Investment Management LLC now owns 931,706 shares of the industrial products company’s stock valued at $16,883,000 after acquiring an additional 35,930 shares during the last quarter. Roubaix Capital LLC raised its holdings in Kornit Digital by 104.9% during the 1st quarter. Roubaix Capital LLC now owns 141,875 shares of the industrial products company’s stock worth $2,571,000 after purchasing an additional 72,638 shares during the last quarter. Finally, Kennedy Capital Management LLC lifted its position in shares of Kornit Digital by 26.6% in the 1st quarter. Kennedy Capital Management LLC now owns 95,581 shares of the industrial products company’s stock worth $1,732,000 after purchasing an additional 20,067 shares during the period. 92.76% of the stock is currently owned by institutional investors and hedge funds.

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.