Kornit Digital (NASDAQ:KRNT) Shares Down 7.4% – Should You Sell?

Kornit Digital Ltd. (NASDAQ:KRNT)’s share price was down 7.4% during trading on Thursday . The company traded as low as $14.67 and last traded at $15.2650. Approximately 469,956 shares were traded during trading, an increase of 37% from the average daily volume of 343,681 shares. The stock had previously closed at $16.48.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on KRNT shares. Wall Street Zen raised Kornit Digital from a “sell” rating to a “hold” rating in a research note on Sunday, April 12th. Needham & Company LLC boosted their target price on Kornit Digital from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday. Weiss Ratings reissued a “sell (d-)” rating on shares of Kornit Digital in a report on Wednesday, March 25th. Finally, Morgan Stanley restated a “positive” rating and issued a $17.00 price target on shares of Kornit Digital in a research note on Wednesday, February 11th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $20.75.

Kornit Digital Price Performance

The firm’s fifty day moving average price is $15.30 and its 200-day moving average price is $14.56. The company has a market capitalization of $674.09 million, a price-to-earnings ratio of -38.59 and a beta of 1.76.

Kornit Digital (NASDAQ:KRNT) last announced its earnings results on Wednesday, May 13th. The industrial products company reported ($0.01) EPS for the quarter, meeting the consensus estimate of ($0.01). Kornit Digital had a negative return on equity of 1.13% and a negative net margin of 7.93%.The company had revenue of $48.54 million for the quarter, compared to analyst estimates of $46.67 million. During the same quarter in the prior year, the company earned $0.01 EPS. The firm’s revenue for the quarter was up 4.4% compared to the same quarter last year. On average, research analysts predict that Kornit Digital Ltd. will post -0.17 earnings per share for the current year.

Institutional Trading of Kornit Digital

Large investors have recently modified their holdings of the stock. CIBC Private Wealth Group LLC lifted its position in shares of Kornit Digital by 1,359.8% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,927 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 1,795 shares during the period. Johnson Financial Group Inc. acquired a new stake in Kornit Digital in the third quarter worth $27,000. Raymond James Financial Inc. bought a new stake in Kornit Digital in the second quarter valued at $31,000. State of Tennessee Department of Treasury bought a new stake in Kornit Digital in the second quarter valued at $35,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Kornit Digital during the fourth quarter valued at about $144,000. Institutional investors and hedge funds own 92.76% of the company’s stock.

About Kornit Digital

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.