Kornit Digital (NASDAQ:KRNT) Trading Down 4.9% – What’s Next?

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

Wall Street Analyst Weigh In

KRNT has been the subject of a number of research analyst reports. Cantor Fitzgerald upgraded Kornit Digital to a “strong-buy” rating in a report on Thursday, February 27th. Needham & Company LLC lifted their price target on shares of 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 upped their price objective on shares of Kornit Digital from $33.00 to $38.00 and gave the stock an “overweight” rating in a report on Monday, December 16th. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $34.00.

Kornit Digital Stock Performance

The business has a 50-day simple moving average of $25.91 and a two-hundred day simple moving average of $27.31. The company has a market capitalization of $955.32 million, a price-to-earnings ratio of -57.40 and a beta of 2.12.

Kornit Digital (NASDAQ:KRNT) last posted its quarterly earnings results on Wednesday, February 12th. The industrial products company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates 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%. Research analysts predict that Kornit Digital Ltd. will post -0.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Kornit Digital

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

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.