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 research report report published on Sunday morning.

Kornit Digital Stock Up 2.4 %

Shares of Kornit Digital stock traded up $0.38 during trading hours on Friday, hitting $16.38. 211,723 shares of the company’s stock traded hands, compared to its average volume of 467,134. The stock has a 50 day simple moving average of $17.02 and a 200-day simple moving average of $17.31. Kornit Digital has a twelve month low of $13.29 and a twelve month high of $31.94.

Kornit Digital (NASDAQ:KRNT) last announced 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 company had revenue of $56.59 million during 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%. As a group, equities analysts forecast that Kornit Digital will post -0.28 EPS for the current fiscal year.

Hedge Funds Weigh In On Kornit Digital

Several large investors have recently modified their holdings of the stock. Senvest Management LLC lifted its position 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 worth $84,230,000 after purchasing an additional 25,000 shares during the last quarter. Wasatch Advisors LP lifted its position in shares of Kornit Digital by 6.7% during the first quarter. Wasatch Advisors LP now owns 1,810,302 shares of the industrial products company’s stock worth $32,803,000 after purchasing an additional 114,372 shares during the last quarter. Stephens Investment Management Group LLC lifted its position in shares of Kornit Digital by 23.8% during 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 last quarter. 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, Inflection Point Investments LLP bought a new position in shares of Kornit Digital during the fourth quarter worth about $17,014,000. Institutional investors own 92.76% of the company’s stock.

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.