Kornit Digital (NASDAQ:KRNT) Trading Down 3.2% – Here’s Why

Shares of Kornit Digital Ltd. (NASDAQ:KRNT) fell 3.2% on Monday . The company traded as low as $21.76 and last traded at $21.95. 86,623 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 301,434 shares. The stock had previously closed at $22.67.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Cantor Fitzgerald raised shares of Kornit Digital to a “strong-buy” rating in a research note on Thursday, February 27th. Needham & Company LLC raised their target price on Kornit Digital from $31.00 to $34.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Finally, Morgan Stanley increased their price target on Kornit Digital from $33.00 to $38.00 and gave the stock an “overweight” rating in a research note on Monday, December 16th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.00.

Kornit Digital Stock Performance

The stock has a 50 day moving average price of $27.27 and a 200 day moving average price of $27.19. The company has a market cap of $1.03 billion, a P/E ratio of -61.89 and a beta of 2.12.

Kornit Digital (NASDAQ:KRNT) last posted its quarterly earnings data on Wednesday, February 12th. The industrial products company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.14). Kornit Digital had a negative net margin of 8.24% and a negative return on equity of 1.51%. As a group, equities research analysts predict that Kornit Digital Ltd. will post -0.2 earnings per share for the current year.

Institutional Investors Weigh In On Kornit Digital

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Disciplined Growth Investors Inc. MN raised its position in shares of Kornit Digital by 2.6% during the third quarter. Disciplined Growth Investors Inc. MN now owns 2,113,832 shares of the industrial products company’s stock worth $54,611,000 after purchasing an additional 53,257 shares during the period. Riverbridge Partners LLC boosted its holdings in shares of Kornit Digital by 21.1% in the fourth quarter. Riverbridge Partners LLC now owns 1,927,091 shares of the industrial products company’s stock worth $59,643,000 after buying an additional 335,713 shares during the period. Stephens Investment Management Group LLC increased its position in shares of Kornit Digital by 4.4% in the fourth quarter. Stephens Investment Management Group LLC now owns 1,342,321 shares of the industrial products company’s stock worth $41,545,000 after acquiring an additional 57,068 shares in the last quarter. Loomis Sayles & Co. L P raised its holdings in shares of Kornit Digital by 259.7% during the fourth quarter. Loomis Sayles & Co. L P now owns 1,237,453 shares of the industrial products company’s stock valued at $38,300,000 after acquiring an additional 893,463 shares during the period. Finally, Hood River Capital Management LLC lifted its position in shares of Kornit Digital by 47.2% in the 4th quarter. Hood River Capital Management LLC now owns 1,099,725 shares of the industrial products company’s stock valued at $34,036,000 after acquiring an additional 352,648 shares in the last quarter. Institutional investors and hedge funds own 92.76% of the company’s stock.

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.