Kornit Digital (NASDAQ:KRNT) Shares Gap Down Following Weak Earnings

Kornit Digital Ltd. (NASDAQ:KRNT)’s stock price gapped down prior to trading on Wednesday following a dissappointing 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 trading hands.

The industrial products company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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%.

Analyst Ratings Changes

KRNT has been the subject of several recent analyst reports. Cantor Fitzgerald initiated coverage on shares of Kornit Digital in a research report on Tuesday, November 26th. They set an “overweight” rating and a $39.00 price objective for the company. Craig Hallum raised their price objective on shares of Kornit Digital from $27.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC raised their price objective on shares of Kornit Digital from $27.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Morgan Stanley raised their price objective on shares of Kornit Digital from $33.00 to $38.00 and gave the stock an “overweight” rating in a research report on Monday, December 16th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $33.40.

Institutional Investors Weigh In On Kornit Digital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. purchased a new position in Kornit Digital during the 3rd quarter valued at about $934,000. Tectonic Advisors LLC purchased a new position in Kornit Digital during the 3rd quarter valued at about $705,000. Loomis Sayles & Co. L P purchased a new position in Kornit Digital during the 3rd quarter valued at about $8,887,000. Dudley & Shanley Inc. grew its holdings in Kornit Digital by 25.3% during the 3rd quarter. Dudley & Shanley Inc. now owns 259,525 shares of the industrial products company’s stock valued at $6,705,000 after buying an additional 52,425 shares in the last quarter. Finally, Telemark Asset Management LLC purchased a new position in shares of Kornit Digital during the third quarter worth about $1,033,000. 92.76% of the stock is currently owned by institutional investors.

Kornit Digital Price Performance

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

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.