Kornit Digital (NASDAQ:KRNT) Shares Cross Below Fifty Day Moving Average – Here’s What Happened

Shares of Kornit Digital Ltd. (NASDAQ:KRNT) passed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $14.02 and traded as low as $12.95. Kornit Digital shares last traded at $12.96, with a volume of 531,269 shares changing hands.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Kornit Digital in a research report on Friday, December 26th. Barclays lowered their target price on shares of Kornit Digital from $22.00 to $18.00 and set an “equal weight” rating for the company in a research note on Thursday, November 6th. Cantor Fitzgerald cut their price target on shares of Kornit Digital from $28.50 to $26.00 and set an “overweight” rating on the stock in a research report on Thursday, November 6th. Morgan Stanley reissued an “equal weight” rating and issued a $15.00 price objective (down from $20.00) on shares of Kornit Digital in a research note on Thursday, November 6th. Finally, Needham & Company LLC cut their target price on Kornit Digital from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, November 6th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Kornit Digital has a consensus rating of “Hold” and an average price target of $19.75.

Kornit Digital Stock Up 0.2%

The firm’s 50 day simple moving average is $14.02 and its two-hundred day simple moving average is $14.92. The stock has a market capitalization of $580.48 million, a P/E ratio of -44.69 and a beta of 1.85.

Kornit Digital declared that its board has authorized a share repurchase program on Monday, November 17th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the industrial products company to repurchase up to 17.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Kornit Digital

Several hedge funds and other institutional investors have recently modified their holdings of KRNT. Raymond James Financial Inc. acquired a new position in shares of Kornit Digital during the second quarter worth approximately $31,000. State of Tennessee Department of Treasury acquired a new position in Kornit Digital during the second quarter worth $35,000. CIBC Private Wealth Group LLC lifted its stake in shares of Kornit Digital by 1,359.8% in the third quarter. CIBC Private Wealth Group LLC now owns 1,927 shares of the industrial products company’s stock valued at $26,000 after buying an additional 1,795 shares in the last quarter. Johnson Financial Group Inc. bought a new position in shares of Kornit Digital in the third quarter valued at $27,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Kornit Digital by 1.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 117,800 shares of the industrial products company’s stock valued at $2,248,000 after buying an additional 2,105 shares during the last quarter. Institutional investors own 92.76% of the company’s stock.

Kornit Digital Company Profile

Kornit Digital Ltd. (NASDAQ: KRNT) is a global technology company specializing in digital textile printing solutions. Headquartered in Rosh Ha’Ayin, Israel, Kornit develops and manufactures an integrated ecosystem of industrial inkjet printers, proprietary NeoPigment inks and pretreatment systems. Its product portfolio addresses a range of applications including direct-to-garment, direct-to-fabric, digital embellishment and hybrid manufacturing, enabling businesses to produce custom apparel, sportswear, fashion and home textiles on demand.

The company’s flagship offerings include the Avalanche and Atlas series for high-volume production, as well as the Storm and Helix lines designed for mid-to-large scale operations.