Kornit Digital (NASDAQ:KRNT) Cut to “Sell” at StockNews.com

StockNews.com downgraded shares of Kornit Digital (NASDAQ:KRNT) from a hold rating to a sell rating in a report issued on Friday morning.

Kornit Digital Stock Performance

Shares of NASDAQ KRNT opened at $15.48 on Friday. Kornit Digital has a 52-week low of $13.29 and a 52-week high of $31.94. The firm has a 50 day moving average price of $17.62 and a two-hundred day moving average price of $17.34. The stock has a market cap of $739.02 million, a P/E ratio of -11.73 and a beta of 1.89.

Kornit Digital (NASDAQ:KRNT) last posted its quarterly earnings data on Wednesday, February 14th. The industrial products company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.08. Kornit Digital had a negative net margin of 29.28% and a negative return on equity of 5.05%. The company had revenue of $56.59 million for the quarter, compared to analyst estimates of $57.35 million. Analysts predict that Kornit Digital will post -0.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Kornit Digital

A number of institutional investors have recently modified their holdings of KRNT. Quarry LP boosted its stake in Kornit Digital by 357.9% during the first quarter. Quarry LP now owns 1,273 shares of the industrial products company’s stock worth $25,000 after acquiring an additional 995 shares in the last quarter. Ensign Peak Advisors Inc bought a new position in Kornit Digital during the first quarter worth $107,000. Tower Research Capital LLC TRC bought a new position in Kornit Digital during the third quarter worth $39,000. Allworth Financial LP boosted its stake in Kornit Digital by 9,252.9% during the third quarter. Allworth Financial LP now owns 1,590 shares of the industrial products company’s stock worth $30,000 after acquiring an additional 1,573 shares in the last quarter. Finally, Headlands Technologies LLC bought a new position in Kornit Digital during the third quarter worth $58,000. 92.76% of the stock is owned by institutional investors.

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. The company's solutions include digital printing systems, ink and other consumables, associated software, and value-added services.