Kornit Digital (NASDAQ:KRNT) Trading Down 4.9% – Time to Sell?

Kornit Digital Ltd. (NASDAQ:KRNT)’s share price was down 4.9% during trading on Tuesday . The company traded as low as $21.18 and last traded at $21.20. Approximately 45,190 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 297,231 shares. The stock had previously closed at $22.29.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on KRNT. Needham & Company LLC boosted their target price on shares of Kornit Digital from $31.00 to $34.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Morgan Stanley upped their price target on Kornit Digital from $33.00 to $38.00 and gave the company an “overweight” rating in a research report on Monday, December 16th. Finally, Cantor Fitzgerald upgraded Kornit Digital to a “strong-buy” rating in a research report on Thursday, February 27th. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Kornit Digital presently has a consensus rating of “Moderate Buy” and an average target price of $34.00.

Kornit Digital Trading Down 7.0 %

The company has a fifty day moving average price of $26.27 and a 200-day moving average price of $27.33. The firm has a market capitalization of $985.75 million, a price-to-earnings ratio of -59.23 and a beta of 2.12.

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

Hedge Funds Weigh In On Kornit Digital

Institutional investors have recently bought and sold shares of the stock. Loomis Sayles & Co. L P acquired a new position in shares of Kornit Digital during the 3rd quarter valued at about $8,887,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Kornit Digital by 88.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 104,199 shares of the industrial products company’s stock valued at $2,692,000 after purchasing an additional 48,993 shares during the last quarter. ArrowMark Colorado Holdings LLC raised its position in shares of Kornit Digital by 6.9% in the third quarter. ArrowMark Colorado Holdings LLC now owns 373,000 shares of the industrial products company’s stock valued at $9,636,000 after purchasing an additional 24,000 shares during the period. Polar Asset Management Partners Inc. raised its position in shares of Kornit Digital by 35.7% in the third quarter. Polar Asset Management Partners Inc. now owns 621,043 shares of the industrial products company’s stock valued at $16,045,000 after purchasing an additional 163,543 shares during the period. Finally, XTX Topco Ltd lifted its stake in shares of Kornit Digital by 50.5% in the third quarter. XTX Topco Ltd now owns 31,532 shares of the industrial products company’s stock worth $815,000 after buying an additional 10,579 shares during the last quarter. 92.76% of the stock is currently owned by institutional investors.

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.