Kornit Digital Ltd. (KRNT) Outlook Starting To Look Brighter?

Wasatch Advisors, Inc. has recently announced that it has increased stake in Kornit Digital Ltd. (NASDAQ:KRNT) by 11.38%. After grabbing 5.6 million shares, the institutional investor is now in possession of 0.57 million shares of the Industrials Company. The new investment brought the stake of investor firm to 11.25% having worth around $143.59 million. Moreover, Artisan Partners LP increased its share by 0.97 million to have a control over 4.21 million shares. And Granahan Investment Management, L raised its holdings to 0.34 million shares by acquiring 3.3 million shares or 6.62% of the stake.

Kornit Digital Ltd. (KRNT) concluded trading on 01/11/23 at a closing price of $26.37, with 0.57 million shares of worth about $14.92 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 9.87% during that period and on Wednesday the price saw a gain of about 4.48%. Currently the company’s common shares owned by public are about 49.83M shares, out of which, 49.57M shares are available for trading.

A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 7 analysts are covering the KRNT stock and their offered price forecasts bring an average price target of $36.83. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $43.00 and could fall to a lowest price of $25.00. The stock’s current price level is 28.4% above of average price target set by the analysts, while a rise to estimated low would result in loss of -5.48% for the stock. However, touching the estimated high of $43.00 would mean a gain of 38.67% for the stock.

Artisan International Small-Mid F, Wasatch Small Cap Growth Fund, and Wasatch Ultra Growth Fund are the top 3 mutual funds which are holding stakes in Kornit Digital Ltd. Artisan International Small-Mid F is currently holding 1.97 million shares of worth totaling $50.57 million. The company recently came buying 0.42 million shares which brought its stake up to 3.96% of the company’s outstanding shares. Wasatch Ultra Growth Fund, after buying 0.96 million shares, have now control over 1.92% of the stake in the company. It holds 0.21 million shares of worth $24.56 million.

Kornit Digital Ltd. (NASDAQ: KRNT) started trading at $25.50, above $0.26 from concluding price of the previous day. However, the stock later moved at a day high price of 26.39, or with a gain of 4.48%. Stock saw a price change of 8.92% in past 5 days and over the past one month there was a price change of 15.00%. Year-to-date (YTD), KRNT shares are showing a performance of 14.80% which decreased to -78.81% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $19.44 but also hit the highest price of $125.81 during that period. The average intraday trading volume for Kornit Digital Ltd. shares is 368.64K. The stock is currently trading 16.44% above its 20-day simple moving average (SMA20), while that difference is up 8.60% for SMA50 and it goes to -27.30% lower than SMA200.

Wasatch Advisors, Inc. acquired 5.6 million shares of Kornit Digital Ltd. having value of about $143.59 million. Data submitted at the U.S SEC by Wasatch Advisors, Inc. revealed that the firm now holds 0.57 million shares in the company valued at close to $15089045.85, or have control over 11.38% stake in the company. Kornit Digital Ltd. (NASDAQ: KRNT) currently have 49.83M outstanding shares and institutions hold larger chunk of about 98.80% of that. Holding of mutual funds in the company is about 36.18% while other institutional holders and individual stake holders have control over 60.68% and — of the stake respectively.

The stock has a current market capitalization of $1.30B and its 3Y-monthly beta is at 1.68. It has posted earnings per share of -$0.86 in the same period. It has Quick Ratio of 6.20 while making debt-to-equity ratio of 0.00. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for KRNT, volatility over the week remained 5.28% while standing at 4.94% over the month.

Analysts are in expectations that Kornit Digital Ltd. (KRNT) stock would likely to be making an EPS of -$0.15 in the current quarter, while forecast for next quarter EPS is -$0.05 and it is $0.4 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.21 which is -$0.1 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.4 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 382.50% while it is estimated to increase by 95.50% in next year. EPS is likely to shrink at an annualized rate of -2.80% for next 5-years, compared to annual growth of 65.00% made by the stock over the past 5-years.

Analysts at 7 brokerage firms have issued recommendations for the Kornit Digital Ltd. (KRNT)’s stock and average of those rates the stock at a “Strong Buy” and assign it a score of 1.90. Out of those 7 Wall Street analysts, 5 recommended a “Buy” rating, while 1 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.

Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Stifel on July 06, 2022 offering a Hold rating for the stock and assigned a target price range of between $100 and $50 to it. Coverage by Craig Hallum stated Kornit Digital Ltd. (KRNT) stock as a Hold in their note to investors on July 06, 2022, suggesting a price target of $26 for the stock. On December 23, 2021, Needham Reiterated their recommendations, while on July 22, 2021, Needham Reiterated their ratings for the stock with a price target of $142. Stock get a Buy rating from Berenberg on July 08, 2021.