Kornit Digital (NASDAQ:KRNT) Downgraded by StockNews.com to Sell

StockNews.com cut shares of Kornit Digital (NASDAQ:KRNT) from a hold rating to a sell rating in a research note released on Sunday.

Kornit Digital Stock Down 8.9 %

Shares of NASDAQ:KRNT opened at $15.18 on Friday. The firm has a fifty day simple moving average of $16.89 and a two-hundred day simple moving average of $17.32. Kornit Digital has a 52 week low of $13.29 and a 52 week high of $31.94. The stock has a market capitalization of $724.69 million, a P/E ratio of -11.50 and a beta of 1.88.

Kornit Digital (NASDAQ:KRNT) last released its earnings results on Wednesday, February 14th. The industrial products company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.08. The firm had revenue of $56.59 million for the quarter, compared to the consensus estimate of $57.35 million. Kornit Digital had a negative return on equity of 5.05% and a negative net margin of 29.28%. On average, analysts expect that Kornit Digital will post -0.28 earnings per share for the current year.

Hedge Funds Weigh In On Kornit Digital

A number of large investors have recently made changes to their positions in the company. Senvest Management LLC grew its stake in shares of Kornit Digital by 0.6% during the fourth quarter. Senvest Management LLC now owns 4,396,160 shares of the industrial products company’s stock valued at $84,230,000 after buying an additional 25,000 shares during the last quarter. Wasatch Advisors LP grew its position in Kornit Digital by 6.7% in the 1st quarter. Wasatch Advisors LP now owns 1,810,302 shares of the industrial products company’s stock valued at $32,803,000 after acquiring an additional 114,372 shares during the last quarter. Stephens Investment Management Group LLC increased its stake in Kornit Digital by 23.8% in the fourth quarter. Stephens Investment Management Group LLC now owns 1,466,159 shares of the industrial products company’s stock worth $28,092,000 after purchasing an additional 282,241 shares during the period. Migdal Insurance & Financial Holdings Ltd. lifted its position in shares of Kornit Digital by 103.5% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 953,682 shares of the industrial products company’s stock worth $18,273,000 after purchasing an additional 485,000 shares during the last quarter. Finally, William Blair Investment Management LLC boosted its stake in shares of Kornit Digital by 4.0% during 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 purchasing an additional 35,930 shares during the period. 92.76% of the stock is owned by hedge funds and other institutional investors.

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.