Kornit Digital (NASDAQ:KRNT) Stock Price Down 3.2% - Here's What Happened

Kornit Digital Ltd. (NASDAQ:KRNT - Get Free Report) fell 3.2% during trading on Monday . The company traded as low as $21.76 and last traded at $21.95. 86,623 shares traded hands during trading, a decline of 71% from the average session volume of 301,434 shares. The stock had previously closed at $22.67.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on KRNT. Morgan Stanley increased their price target on shares of Kornit Digital from $33.00 to $38.00 and gave the company an "overweight" rating in a research report on Monday, December 16th. Needham & Company LLC raised their target price on shares of Kornit Digital from $31.00 to $34.00 and gave the stock a "buy" rating in a report on Wednesday, February 12th. Finally, Cantor Fitzgerald upgraded shares of Kornit Digital to a "strong-buy" rating in a report on Thursday, February 27th. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Kornit Digital presently has a consensus rating of "Moderate Buy" and a consensus price target of $34.00.

Kornit Digital Stock Up 0.3 %

The firm's fifty day moving average price is $26.56 and its 200-day moving average price is $27.15. The stock has a market cap of $1.02 billion, a P/E ratio of -61.40 and a beta of 2.12.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last announced its quarterly earnings results on Wednesday, February 12th. The industrial products company reported $0.07 EPS for the quarter, missing analysts' consensus estimates of $0.21 by ($0.14). Kornit Digital had a negative return on equity of 1.51% and a negative net margin of 8.24%. Sell-side analysts predict that Kornit Digital Ltd. will post -0.2 earnings per share for the current year.

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Institutional Trading of Kornit Digital

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fifth Third Bancorp lifted its stake in Kornit Digital by 23.4% in the fourth quarter. Fifth Third Bancorp now owns 2,069 shares of the industrial products company's stock worth $64,000 after acquiring an additional 393 shares during the period. Russell Investments Group Ltd. lifted its position in Kornit Digital by 654.5% during the fourth quarter. Russell Investments Group Ltd. now owns 2,075 shares of the industrial products company's stock valued at $64,000 after buying an additional 1,800 shares during the period. Parkside Financial Bank & Trust lifted its position in Kornit Digital by 35.5% during the fourth quarter. Parkside Financial Bank & Trust now owns 3,773 shares of the industrial products company's stock valued at $117,000 after buying an additional 988 shares during the period. Deutsche Bank AG lifted its position in Kornit Digital by 31.5% during the fourth quarter. Deutsche Bank AG now owns 4,770 shares of the industrial products company's stock valued at $148,000 after buying an additional 1,143 shares during the period. Finally, BNP Paribas Financial Markets purchased a new position in Kornit Digital during the fourth quarter valued at $159,000. Hedge funds and other institutional investors own 92.76% of the company's stock.

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.