Kornit Digital (NASDAQ:KRNT) Shares Gap Up – Time to Buy?

Shares of Kornit Digital Ltd. (NASDAQ:KRNT) gapped up prior to trading on Wednesday . The stock had previously closed at $14.09, but opened at $15.60. Kornit Digital shares last traded at $14.1960, with a volume of 7,325 shares trading hands.

Analyst Ratings Changes

A number of analysts have commented on KRNT shares. Needham & Company LLC increased their price target on shares of Kornit Digital from $20.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Morgan Stanley reiterated a “positive” rating and issued a $17.00 price target on shares of Kornit Digital in a research note on Wednesday, February 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Kornit Digital in a research note on Wednesday, March 25th. Finally, Wall Street Zen upgraded shares of Kornit Digital from a “sell” rating to a “hold” rating in a research note on Sunday, April 12th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $20.75.

Kornit Digital Price Performance

The stock’s 50-day simple moving average is $15.27 and its 200 day simple moving average is $14.56. The stock has a market capitalization of $644.08 million, a P/E ratio of -36.87 and a beta of 1.76.

Kornit Digital (NASDAQ:KRNT) last released its quarterly earnings data on Wednesday, May 13th. The industrial products company reported ($0.01) EPS for the quarter, hitting analysts’ consensus estimates of ($0.01). The firm had revenue of $48.54 million during the quarter, compared to analysts’ expectations of $46.67 million. Kornit Digital had a negative net margin of 7.93% and a negative return on equity of 1.15%. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.01 earnings per share. As a group, analysts expect that Kornit Digital Ltd. will post -0.17 earnings per share for the current fiscal year.

Institutional Trading of Kornit Digital

A number of institutional investors have recently bought and sold shares of KRNT. Medina Value Partners LLC bought a new stake in Kornit Digital in the 3rd quarter valued at about $12,732,000. Invenomic Capital Management LP boosted its holdings in Kornit Digital by 196.9% in the 4th quarter. Invenomic Capital Management LP now owns 1,397,950 shares of the industrial products company’s stock valued at $20,103,000 after purchasing an additional 927,169 shares during the period. Assenagon Asset Management S.A. boosted its holdings in Kornit Digital by 185.2% in the 1st quarter. Assenagon Asset Management S.A. now owns 1,292,586 shares of the industrial products company’s stock valued at $18,949,000 after purchasing an additional 839,336 shares during the period. Morgan Stanley boosted its holdings in Kornit Digital by 26.5% in the 4th quarter. Morgan Stanley now owns 3,998,548 shares of the industrial products company’s stock valued at $57,499,000 after purchasing an additional 838,814 shares during the period. Finally, Artisan Partners Limited Partnership boosted its holdings in Kornit Digital by 32.6% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,647,804 shares of the industrial products company’s stock valued at $38,075,000 after purchasing an additional 650,283 shares during the period. 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.