Morgan Stanley & Co. LLC recently announced the acquisition of new stake in Kornit Digital Ltd (NASDAQ:KRNT). The institutional investor has increased its shareholding in the Industrials company by 38.90% to 2.8 million shares with purchase of 0.78 million shares. This fresh investment now brings its stake to 5.60% valued currently at $53.62 million. In addition, Wasatch Advisors, Inc. raised its holdings by 86333.0 to 2.32 million shares. And American Capital Management, Inc. has lifted its position by 0.40% or 8770.0 shares – to 2.2 million shares.
With over 0.17 million Kornit Digital Ltd (KRNT) shares trading Friday and a closing price of $16.36 on the day, the dollar volume was approximately $2.86 million. The shares have shown a negative half year performance of -48.21% and its price on 01/12/24 lost nearly -1.51%. Currently, there are 50.00M common shares owned by the public and among those 49.95M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 6 analysts who have offered their price forecasts for KRNT have a consensus price objective of $24.00. The analysts have set the share’s price value over the next 12 months at a high of $27.00 and a low of $21.00. The average price target is 31.83% above its recent price level and an upside to the estimated low will see the stock gain 22.1% over that period. But an upside of 39.41% will see the stock hit the forecast high price target while median target price for the stock is $24.00.
The top 3 mutual fund holders in Kornit Digital Ltd are Artisan International Small-Mid F, Wasatch Small Cap Growth Fund, and Granahan Funds Plc – US SMID Sele. Artisan International Small-Mid F owns 2.38 million shares of the company’s stock, all valued at over $45.61 million. The company sold 85154.0 shares recently to bring their total holdings to about 4.76% of the shares outstanding. Granahan Funds Plc – US SMID Sele bought 0.43 million shares to bring its total holdings to over 0.72 million shares at a value of $13.87 million. Granahan Funds Plc – US SMID Sele now owns shares totaling to 1.45% of the shares outstanding.
Shares of Kornit Digital Ltd (NASDAQ: KRNT) opened at $16.69, up $0.08 from a prior closing price of $16.61. However, the script later moved the day high at 16.87, down -1.51%. The company’s stock has a 5-day price change of -1.92% and 5.75% over the past three months. KRNT shares are trading -14.61% year to date (YTD), with the 12-month market performance down to -37.96% lower. It has a 12-month low price of $13.29 and touched a high of $31.94 over the same period. KRNT has an average intraday trading volume of 662.75K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -11.08%, -8.86%, and -23.20% respectively.
Institutional ownership of Kornit Digital Ltd (NASDAQ: KRNT) shares accounts for 91.40% of the company’s 50.00M shares outstanding. Mutual fund holders own 32.16%, while other institutional holders and individual stakeholders account for 59.43% and — respectively.
It has a market capitalization of $818.00M and a beta (3y monthly) value of 1.93. The earnings-per-share (ttm) stands at -$1.54. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.77% over the week and 4.23% over the month.
Analysts forecast that Kornit Digital Ltd (KRNT) will achieve an EPS of -$0.01 for the current quarter, -$0.09 for the next quarter and $0.07 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.02 while analysts give the company a high EPS estimate of $0. Comparatively, EPS for the current quarter was -$0.13 a year ago. Earnings per share for the fiscal year are expected to increase by 30.00%, and 124.54% over the next financial year. EPS should grow at an annualized rate of -2.80% over the next five years, compared to -92.55% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 6 brokerage firm advisors rate Kornit Digital Ltd (KRNT) as a “Strong Buy” at a consensus score of 1.33. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 1 of the 6 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the KRNT, a number of firms have released research notes about the stock. Craig Hallum stated their Buy rating for the stock in a research note on November 09, 2023, with the firm’s price target at $23.
