Kornit Digital Ltd. (NASDAQ:KRNT) shares are trading lower after the company issued preliminary Q2 sales guidance below estimates. Multiple analysts also lowered their price targets on the stock.
The company expects second quarter revenues to be in the range of $56.4 million to $59.4 million, with net of non-cash warrant impact of approximately $4.6 million. The company currently expects third quarter revenues to be at or above second quarter revenues and will provide further details regarding its business outlook when it releases its full financial results.
Ronen Samuel, Chief Executive Officer of Kornit Digital, said "The overall re-calibration of e-commerce growth, combined with macro headwinds which meaningfully accelerated in the last few weeks of the quarter, as well as delays in the completion of customer production facilities, resulted in a significantly slower pace of direct-to-garment (DTG) systems orders in the second quarter as compared to our prior expectations."
Kornit Digital Ltd develops, designs and markets digital printing solutions for the global printed textile industry.
KRNT Price Action: Kornit Digital Ltd. has traded between $181.38 and $29.67 over a 52-week period.
The stock was trading 24.3% lower at $23.84 per share on Wednesday at the time of publication, according to data from Benzinga Pro.
