Kornit Digital (NASDAQ:KRNT) Shares Gap Down After Earnings Miss

Shares of Kornit Digital Ltd. (NASDAQ:KRNT) gapped down prior to trading on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $29.15, but opened at $26.49. Kornit Digital shares last traded at $28.01, with a volume of 75,210 shares.

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 21.00% and a negative return on equity of 2.17%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on KRNT. Craig Hallum upped their price target on Kornit Digital from $27.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Cantor Fitzgerald assumed coverage on Kornit Digital in a research report on Tuesday, November 26th. They set an “overweight” rating and a $39.00 price objective on the stock. Morgan Stanley increased their price objective 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, Needham & Company LLC increased their price objective on Kornit Digital from $27.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Kornit Digital currently has an average rating of “Moderate Buy” and a consensus target price of $33.40.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Trust Point Inc. raised its stake in shares of Kornit Digital by 4.6% in the third quarter. Trust Point Inc. now owns 17,868 shares of the industrial products company’s stock worth $462,000 after buying an additional 785 shares during the period. Chicago Capital LLC grew its position in shares of Kornit Digital by 8.1% during the third quarter. Chicago Capital LLC now owns 3,089,263 shares of the industrial products company’s stock worth $79,811,000 after purchasing an additional 231,659 shares in the last quarter. Signaturefd LLC grew its position in shares of Kornit Digital by 69.7% during the third quarter. Signaturefd LLC now owns 5,818 shares of the industrial products company’s stock worth $150,000 after purchasing an additional 2,390 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of Kornit Digital by 238.7% during the third quarter. Assenagon Asset Management S.A. now owns 90,282 shares of the industrial products company’s stock worth $2,332,000 after purchasing an additional 63,629 shares in the last quarter. Finally, Tectonic Advisors LLC purchased a new stake in shares of Kornit Digital during the third quarter worth about $705,000. Institutional investors own 92.76% of the company’s stock.

Kornit Digital Price Performance

The firm has a 50-day moving average of $30.72 and a 200-day moving average of $25.97. The stock has a market cap of $1.33 billion, a PE ratio of -31.80 and a beta of 2.02.

About Kornit Digital

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.