Kornit Digital Ltd. (NASDAQ:KRNT – Get Free Report)’s share price passed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $16.17 and traded as low as $15.84. Kornit Digital shares last traded at $15.89, with a volume of 240,994 shares changing hands.
Wall Street Analysts Forecast Growth
KRNT has been the subject of a number of recent analyst reports. Zacks Research raised Kornit Digital from a “strong sell” rating to a “hold” rating in a research report on Monday, August 24th. Morgan Stanley raised their target price on shares of Kornit Digital from $18.00 to $19.00 and gave the stock an “equal weight” rating in a report on Thursday, August 13th. Needham & Company LLC boosted their target price on shares of Kornit Digital from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Finally, Weiss Ratings raised Kornit Digital from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, August 27th. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Kornit Digital has a consensus rating of “Hold” and a consensus target price of $21.50.
View Our Latest Analysis on KRNT
Kornit Digital Stock Performance
Kornit Digital (NASDAQ:KRNT – Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The industrial products company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.05. The company had revenue of $55.32 million for the quarter, compared to the consensus estimate of $52.80 million. Kornit Digital had a negative net margin of 9.42% and a negative return on equity of 1.00%. The firm’s revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.03 earnings per share. On average, equities research analysts anticipate that Kornit Digital Ltd. will post -0.23 earnings per share for the current year.
Institutional Investors Weigh In On Kornit Digital
Several hedge funds and other institutional investors have recently modified their holdings of the stock. CIBC Private Wealth Group LLC lifted its position in Kornit Digital by 1,359.8% during the third quarter. CIBC Private Wealth Group LLC now owns 1,927 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 1,795 shares in the last quarter. Johnson Financial Group Inc. purchased a new stake in Kornit Digital in the third quarter worth about $27,000. Raymond James Financial Inc. purchased a new stake in Kornit Digital in the second quarter worth about $31,000. State of Tennessee Department of Treasury bought a new position in shares of Kornit Digital in the second quarter worth about $35,000. Finally, Quadrature Capital Ltd bought a new position in shares of Kornit Digital in the fourth quarter worth about $144,000. 92.76% of the stock is currently owned by hedge funds and other institutional investors.
About Kornit Digital
Kornit Digital Ltd. (NASDAQ: KRNT) is a global technology company specializing in digital textile printing solutions. Headquartered in Rosh Ha’Ayin, Israel, Kornit develops and manufactures an integrated ecosystem of industrial inkjet printers, proprietary NeoPigment inks and pretreatment systems. Its product portfolio addresses a range of applications including direct-to-garment, direct-to-fabric, digital embellishment and hybrid manufacturing, enabling businesses to produce custom apparel, sportswear, fashion and home textiles on demand.
The company’s flagship offerings include the Avalanche and Atlas series for high-volume production, as well as the Storm and Helix lines designed for mid-to-large scale operations.
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