Kornit Digital (NASDAQ:KRNT) Shares Down 3.2% – What’s Next?

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

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on KRNT. Cantor Fitzgerald upgraded shares of Kornit Digital to a “strong-buy” rating in a research note on Thursday, February 27th. Morgan Stanley boosted 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. Finally, Needham & Company LLC lifted their target price on Kornit Digital from $31.00 to $34.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $34.00.

Kornit Digital Price Performance

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

Kornit Digital (NASDAQ:KRNT) last issued 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%. Analysts forecast that Kornit Digital Ltd. will post -0.2 earnings per share for the current year.

Institutional Trading of Kornit Digital

Institutional investors and hedge funds have recently modified their holdings of the business. Fifth Third Bancorp grew its position in shares of Kornit Digital by 23.4% during the 4th quarter. Fifth Third Bancorp now owns 2,069 shares of the industrial products company’s stock valued at $64,000 after buying an additional 393 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in Kornit Digital by 654.5% in the fourth quarter. Russell Investments Group Ltd. now owns 2,075 shares of the industrial products company’s stock valued at $64,000 after acquiring an additional 1,800 shares during the period. Parkside Financial Bank & Trust grew its holdings in shares of Kornit Digital by 35.5% during the fourth quarter. Parkside Financial Bank & Trust now owns 3,773 shares of the industrial products company’s stock valued at $117,000 after purchasing an additional 988 shares during the last quarter. Deutsche Bank AG raised its position in shares of Kornit Digital by 31.5% during the 4th quarter. Deutsche Bank AG now owns 4,770 shares of the industrial products company’s stock worth $148,000 after purchasing an additional 1,143 shares during the period. Finally, BNP Paribas Financial Markets bought a new stake in shares of Kornit Digital in the 4th quarter worth approximately $159,000. 92.76% of the stock is owned by institutional investors and hedge funds.

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.