Kornit Digital Sees Unusually High Options Volume (KRNT)

Kornit Digital Ltd (NASDAQ:KRNT) saw some unusual options trading on Tuesday. Investors purchased 1,730 put options on the company. This represents an increase of approximately 1,342% compared to the average volume of 120 put options.

A number of research analysts recently issued reports on KRNT shares. BidaskClub upgraded Kornit Digital from a “hold” rating to a “buy” rating in a report on Tuesday, February 12th. Craig Hallum set a $25.00 target price on Kornit Digital and gave the stock a “buy” rating in a report on Thursday, February 14th. Zacks Investment Research downgraded Kornit Digital from a “hold” rating to a “sell” rating in a report on Thursday, February 21st. Needham & Company LLC upped their target price on Kornit Digital from $24.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, April 4th. Finally, Stifel Nicolaus upped their target price on Kornit Digital from $25.00 to $29.00 and gave the stock a “buy” rating in a report on Thursday, April 4th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $24.29.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its holdings in shares of Kornit Digital by 3.9% during the 4th quarter. Bank of America Corp DE now owns 408,318 shares of the industrial products company’s stock valued at $7,644,000 after buying an additional 15,377 shares during the period. Marshall Wace LLP bought a new position in shares of Kornit Digital during the 3rd quarter valued at $339,000. ETF Managers Group LLC lifted its holdings in shares of Kornit Digital by 4.8% during the 4th quarter. ETF Managers Group LLC now owns 30,835 shares of the industrial products company’s stock valued at $577,000 after buying an additional 1,411 shares during the period. BlackRock Inc. lifted its holdings in shares of Kornit Digital by 6.3% during the 3rd quarter. BlackRock Inc. now owns 410,780 shares of the industrial products company’s stock valued at $8,996,000 after buying an additional 24,282 shares during the period. Finally, Bank of New York Mellon Corp bought a new position in shares of Kornit Digital during the 3rd quarter valued at $6,868,000. 96.36% of the stock is currently owned by hedge funds and other institutional investors.

KRNT stock traded down $0.06 during midday trading on Friday, hitting $28.37. The company’s stock had a trading volume of 231,252 shares, compared to its average volume of 329,734. The stock has a market capitalization of $989.39 million, a PE ratio of 118.21 and a beta of 1.08. Kornit Digital has a 12 month low of $16.10 and a 12 month high of $29.63. The company has a current ratio of 2.94, a quick ratio of 2.04 and a debt-to-equity ratio of 0.06.

Kornit Digital (NASDAQ:KRNT) last released its quarterly earnings data on Monday, May 13th. The industrial products company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.03). The business had revenue of $38.20 million during the quarter, compared to the consensus estimate of $37.97 million. Kornit Digital had a net margin of 6.88% and a return on equity of 4.27%. The business’s revenue was up 22.8% compared to the same quarter last year. During the same period last year, the company posted $0.06 earnings per share. On average, research analysts predict that Kornit Digital will post 0.44 earnings per share for the current year.

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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. The company's solutions include digital printing systems, ink and other consumables, associated software, and value added services. It offers direct-to-garment printing systems from smaller industrial operators to mass producers; NeoPigment ink and other consumables; QuickP designer software; and value added services, such as maintenance and support, and professional services.

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