Kornit Digital (NASDAQ:KRNT) Share Price Crosses Below Fifty Day Moving Average – Here’s What Happened

Kornit Digital Ltd. (NASDAQ:KRNT) crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $16.17 and traded as low as $15.84. Kornit Digital shares last traded at $15.89, with a volume of 240,994 shares changing hands.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Morgan Stanley lifted their price target on shares of Kornit Digital from $18.00 to $19.00 and gave the company an “equal weight” rating in a report on Thursday, August 13th. Needham & Company LLC boosted their target price on Kornit Digital from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Zacks Research raised Kornit Digital from a “strong sell” rating to a “hold” rating in a report on Monday, August 24th. Finally, Weiss Ratings upgraded Kornit Digital from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, August 27th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $21.50.

Kornit Digital Stock Down 2.8%

The company’s fifty day simple moving average is $16.17 and its two-hundred day simple moving average is $15.74. The company has a market capitalization of $682.79 million, a price-to-earnings ratio of -33.10 and a beta of 1.74.

Kornit Digital (NASDAQ:KRNT) last released its earnings results on Wednesday, August 12th. The industrial products company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.05. Kornit Digital had a negative return on equity of 1.00% and a negative net margin of 9.42%.The firm had revenue of $55.32 million during the quarter, compared to analysts’ expectations of $52.80 million. During the same quarter in the prior year, the company earned $0.03 EPS. The company’s revenue was up 11.1% on a year-over-year basis. Equities research analysts expect that Kornit Digital Ltd. will post -0.23 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of KRNT. Arrowstreet Capital Limited Partnership increased its stake in Kornit Digital by 97.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 470,962 shares of the industrial products company’s stock valued at $6,904,000 after acquiring an additional 232,808 shares during the last quarter. Wasatch Advisors LP boosted its holdings in shares of Kornit Digital by 145.9% during the 2nd quarter. Wasatch Advisors LP now owns 433,968 shares of the industrial products company’s stock valued at $7,052,000 after acquiring an additional 257,478 shares in the last quarter. Janus Henderson Group PLC increased its holdings in Kornit Digital by 13.7% in the 1st quarter. Janus Henderson Group PLC now owns 793,194 shares of the industrial products company’s stock worth $11,628,000 after purchasing an additional 95,693 shares in the last quarter. American Capital Management Inc. acquired a new position in Kornit Digital in the 2nd quarter worth about $4,598,000. Finally, Granahan Investment Management LLC raised its holdings in Kornit Digital by 31.4% in the 4th quarter. Granahan Investment Management LLC now owns 2,569,663 shares of the industrial products company’s stock valued at $36,952,000 after buying an additional 614,513 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.