Shares of Kornit Digital Ltd. (NASDAQ:KRNT - Get Free Report) gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $29.15, but opened at $26.49. Kornit Digital shares last traded at $28.01, with a volume of 75,210 shares changing hands.
The industrial products company reported $0.07 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.14). Kornit Digital had a negative return on equity of 2.17% and a negative net margin of 21.00%.
Analysts Set New Price Targets
Several equities research analysts have recently commented on KRNT shares. Cantor Fitzgerald reiterated an "overweight" rating and set a $39.00 price objective on shares of Kornit Digital in a research note on Thursday. Morgan Stanley boosted their target price on shares of Kornit Digital from $33.00 to $38.00 and gave the company an "overweight" rating in a report on Monday, December 16th. Craig Hallum increased 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. Finally, Needham & Company LLC increased their target price on shares of Kornit Digital from $31.00 to $34.00 and gave the company a "buy" rating in a research report on Wednesday. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, Kornit Digital currently has an average rating of "Moderate Buy" and an average price target of $34.00.
Check Out Our Latest Analysis on KRNT
Hedge Funds Weigh In On Kornit Digital
Hedge funds have recently added to or reduced their stakes in the company. Fifth Third Bancorp boosted its position in shares of Kornit Digital by 23.4% in the fourth quarter. Fifth Third Bancorp now owns 2,069 shares of the industrial products company's stock valued at $64,000 after acquiring an additional 393 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Kornit Digital by 654.5% in the 4th quarter. Russell Investments Group Ltd. now owns 2,075 shares of the industrial products company's stock valued at $64,000 after acquiring an additional 1,800 shares during the last quarter. Parkside Financial Bank & Trust grew its position in shares of Kornit Digital by 35.5% in the 4th quarter. Parkside Financial Bank & Trust now owns 3,773 shares of the industrial products company's stock valued at $117,000 after purchasing an additional 988 shares during the period. Signaturefd LLC boosted its position in Kornit Digital by 69.7% during the 3rd quarter. Signaturefd LLC now owns 5,818 shares of the industrial products company's stock worth $150,000 after acquiring an additional 2,390 shares during the last quarter. Finally, Pictet Asset Management Holding SA bought a new stake in shares of Kornit Digital during the 4th quarter worth approximately $203,000. Institutional investors and hedge funds own 92.76% of the company's stock.
Kornit Digital Stock Down 5.3 %
The business has a 50 day moving average of $30.50 and a two-hundred day moving average of $26.26.
Kornit Digital Company Profile
(
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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.
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