Hodges Capital Management Inc. Invests $3.59 Million in Kornit Digital Ltd. (NASDAQ:KRNT)

Hodges Capital Management Inc. bought a new stake in Kornit Digital Ltd. (NASDAQ:KRNT) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 138,970 shares of the industrial products company’s stock, valued at approximately $3,590,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of KRNT. LHM Inc. acquired a new position in Kornit Digital in the second quarter valued at $12,042,000. Chicago Capital LLC increased its position in Kornit Digital by 14.9% in the 2nd quarter. Chicago Capital LLC now owns 2,857,604 shares of the industrial products company’s stock valued at $41,835,000 after acquiring an additional 370,962 shares during the period. Loomis Sayles & Co. L P acquired a new position in Kornit Digital in the 3rd quarter valued at about $8,887,000. Artemis Investment Management LLP purchased a new stake in Kornit Digital during the 3rd quarter valued at approximately $6,962,000. Finally, Polar Asset Management Partners Inc. lifted its position in Kornit Digital by 35.7% during the 3rd quarter. Polar Asset Management Partners Inc. now owns 621,043 shares of the industrial products company’s stock worth $16,045,000 after acquiring an additional 163,543 shares during the period. Hedge funds and other institutional investors own 92.76% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on KRNT. Craig Hallum boosted their target price on Kornit Digital from $27.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Needham & Company LLC boosted their price objective on shares of Kornit Digital from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Barclays raised their target price on shares of Kornit Digital from $21.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 1st. Morgan Stanley boosted their price target on shares of Kornit Digital from $20.00 to $26.00 and gave the stock an “overweight” rating in a research note on Friday, September 13th. Finally, Cantor Fitzgerald began coverage on shares of Kornit Digital in a research report on Tuesday, November 26th. They issued an “overweight” rating and a $39.00 price objective for the company. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $31.00.

Kornit Digital Stock Performance

Shares of NASDAQ KRNT opened at $31.80 on Friday. The company’s fifty day moving average is $27.61 and its two-hundred day moving average is $20.82. The firm has a market capitalization of $1.51 billion, a P/E ratio of -36.14 and a beta of 2.01. Kornit Digital Ltd. has a one year low of $13.59 and a one year high of $33.00.

Kornit Digital (NASDAQ:KRNT) last released its quarterly earnings data on Wednesday, November 6th. The industrial products company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.04. Kornit Digital had a negative net margin of 21.00% and a negative return on equity of 2.17%. The firm had revenue of $50.73 million for the quarter, compared to the consensus estimate of $50.44 million. During the same quarter in the previous year, the firm earned ($0.17) earnings per share. The firm’s revenue was down 14.3% on a year-over-year basis. On average, sell-side analysts forecast that Kornit Digital Ltd. will post -0.22 earnings per share for the current fiscal year.

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.