Stock Alert: Kornit Digital Trading Higher As Co. Is On Recovery Path

(RTTNews) - Shares of Kornit Digital Ltd. (KRNT), a leading provider of digital printing solutions for the global textile industry, are surging more than 24% Wednesday morning to hit a new high of $46.20. The stock is currently trading lower at $44.54.

Tuesday while talking to analysts during the first-quarter earnings call, Ronen Samuel, Chief Executive Officer of the company said that Kornit Digital is back to strong recovery after hit badly by coronavirus pandemic. The company has reopened all its manufacturing and R&D sites.

"Some major orders we expected in Q1 have already been received in Q2 with partial implementation in Q2 and the remainder in the second half of the year," Samuel added.

During the first quarter, revenue for the quarter decreased to $26.2 million from $38.5 million.

Adjusted net loss for the first quarter was $8.9 million, or $0.22 per share, compared with net income of $1.6 million, or $0.04 per share a year ago.