Kornit Digital (NASDAQ:KRNT) Sets New 1-Year High - Here's What Happened

Kornit Digital Ltd. (NASDAQ:KRNT - Get Free Report) shares hit a new 52-week high on Tuesday . The company traded as high as $32.57 and last traded at $32.49, with a volume of 13349 shares traded. The stock had previously closed at $32.25.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on KRNT shares. Needham & Company LLC boosted their target price on shares of Kornit Digital from $27.00 to $31.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. Craig Hallum boosted their target price on shares of Kornit Digital from $27.00 to $33.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. StockNews.com upgraded shares of Kornit Digital from a "sell" rating to a "hold" rating in a report on Thursday, August 8th. Barclays lifted their price objective on shares of Kornit Digital from $21.00 to $26.00 and gave the stock an "equal weight" rating in a research report on Tuesday, October 1st. Finally, Morgan Stanley lifted their price objective on shares of Kornit Digital from $20.00 to $26.00 and gave the stock an "overweight" rating in a research report on Friday, September 13th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $29.00.

Kornit Digital Stock Down 2.6 %

The company has a 50 day simple moving average of $24.13 and a 200 day simple moving average of $18.72. The stock has a market cap of $1.49 billion, a price-to-earnings ratio of -35.68 and a beta of 1.93.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last announced its earnings results on Wednesday, November 6th. The industrial products company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.07 by $0.04. The business had revenue of $50.73 million for the quarter, compared to analysts' expectations of $50.44 million. Kornit Digital had a negative return on equity of 2.17% and a negative net margin of 21.00%. The firm's revenue was down 14.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.17) earnings per share. As a group, analysts predict that Kornit Digital Ltd. will post -0.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Kornit Digital

Institutional investors and hedge funds have recently bought and sold shares of the stock. Headlands Technologies LLC raised its position in Kornit Digital by 97.9% in the 1st quarter. Headlands Technologies LLC now owns 2,076 shares of the industrial products company's stock valued at $38,000 after buying an additional 1,027 shares during the last quarter. nVerses Capital LLC purchased a new stake in shares of Kornit Digital during the 2nd quarter valued at $40,000. Signaturefd LLC increased its position in shares of Kornit Digital by 29.4% during the 2nd quarter. Signaturefd LLC now owns 3,428 shares of the industrial products company's stock valued at $50,000 after purchasing an additional 779 shares during the last quarter. Privium Fund Management B.V. purchased a new stake in shares of Kornit Digital during the 2nd quarter valued at $159,000. Finally, Bank of New York Mellon Corp increased its position in shares of Kornit Digital by 8.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 16,029 shares of the industrial products company's stock valued at $235,000 after purchasing an additional 1,184 shares during the last quarter. 92.76% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.