Dudley & Shanley Inc. Increases Stake in Kornit Digital Ltd. (NASDAQ:KRNT)

Dudley & Shanley Inc. lifted its stake in Kornit Digital Ltd. (NASDAQ:KRNT) by 25.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 259,525 shares of the industrial products company’s stock after buying an additional 52,425 shares during the quarter. Kornit Digital makes up about 1.0% of Dudley & Shanley Inc.’s investment portfolio, making the stock its 25th largest position. Dudley & Shanley Inc. owned about 0.55% of Kornit Digital worth $6,705,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Principal Financial Group Inc. purchased a new stake in shares of Kornit Digital in the third quarter worth about $934,000. B. Riley Wealth Advisors Inc. grew its stake in shares of Kornit Digital by 3.6% during the third quarter. B. Riley Wealth Advisors Inc. now owns 18,111 shares of the industrial products company’s stock valued at $468,000 after buying an additional 625 shares during the last quarter. Tidal Investments LLC raised its holdings in shares of Kornit Digital by 4.6% in the third quarter. Tidal Investments LLC now owns 37,365 shares of the industrial products company’s stock worth $965,000 after buying an additional 1,651 shares during the period. Barclays PLC lifted its stake in shares of Kornit Digital by 130.1% during the 3rd quarter. Barclays PLC now owns 20,420 shares of the industrial products company’s stock worth $527,000 after acquiring an additional 11,544 shares during the last quarter. Finally, Meros Investment Management LP boosted its holdings in Kornit Digital by 19.2% during the 3rd quarter. Meros Investment Management LP now owns 276,040 shares of the industrial products company’s stock valued at $7,131,000 after acquiring an additional 44,456 shares during the period. Institutional investors own 92.76% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Craig Hallum lifted their price target on shares of Kornit Digital from $27.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Needham & Company LLC lifted their price objective on Kornit Digital from $27.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Barclays increased their target price on shares of Kornit Digital from $21.00 to $26.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 1st. Cantor Fitzgerald initiated coverage on shares of Kornit Digital in a report on Tuesday, November 26th. They issued an “overweight” rating and a $39.00 price target for the company. Finally, Morgan Stanley increased their price objective on shares of Kornit Digital from $33.00 to $38.00 and gave the company an “overweight” rating in a research note on Monday, December 16th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $33.40.

Kornit Digital Stock Performance

NASDAQ:KRNT traded down $0.65 during midday trading on Monday, reaching $31.95. 286,448 shares of the stock traded hands, compared to its average volume of 361,116. The business has a 50-day moving average of $29.04 and a two-hundred day moving average of $22.12. Kornit Digital Ltd. has a 12-month low of $13.59 and a 12-month high of $34.28. The stock has a market capitalization of $1.52 billion, a PE ratio of -36.31 and a beta of 2.01.

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

Kornit Digital Company Profile

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.