Kornit Digital (NASDAQ:KRNT) Trading 5.3% Higher - Here's Why

Kornit Digital Ltd. (NASDAQ:KRNT - Get Free Report) shares shot up 5.3% on Wednesday . The stock traded as high as $16.99 and last traded at $16.65. 113,035 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 293,369 shares. The stock had previously closed at $15.81.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on KRNT. Cantor Fitzgerald raised shares of Kornit Digital to a "strong-buy" rating in a report on Thursday, February 27th. Needham & Company LLC decreased their price target on Kornit Digital from $34.00 to $28.00 and set a "buy" rating on the stock in a research report on Tuesday, April 8th. Finally, Morgan Stanley lifted their price objective on Kornit Digital from $33.00 to $38.00 and gave the company an "overweight" rating in a research report on Monday, December 16th. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $32.80.

Kornit Digital Stock Performance

The company has a market capitalization of $889.70 million, a price-to-earnings ratio of -53.46 and a beta of 2.08. The company has a 50 day moving average price of $22.64 and a 200 day moving average price of $26.79.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. 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 1.51% and a negative net margin of 8.24%. Equities analysts predict that Kornit Digital Ltd. will post -0.2 earnings per share for the current year.

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Institutional Investors Weigh In On Kornit Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Fifth Third Bancorp grew its position in shares of Kornit Digital by 23.4% in the 4th quarter. Fifth Third Bancorp now owns 2,069 shares of the industrial products company's stock valued at $64,000 after purchasing an additional 393 shares during the period. US Bancorp DE boosted its holdings in shares of Kornit Digital by 7.4% in the fourth quarter. US Bancorp DE now owns 8,294 shares of the industrial products company's stock valued at $257,000 after buying an additional 572 shares during the period. California State Teachers Retirement System increased its position in shares of Kornit Digital by 1.2% during the fourth quarter. California State Teachers Retirement System now owns 46,855 shares of the industrial products company's stock worth $1,450,000 after acquiring an additional 575 shares in the last quarter. B. Riley Wealth Advisors Inc. raised its holdings in shares of Kornit Digital by 3.6% during the third quarter. B. Riley Wealth Advisors Inc. now owns 18,111 shares of the industrial products company's stock worth $468,000 after acquiring an additional 625 shares during the period. Finally, American Century Companies Inc. boosted its stake in Kornit Digital by 8.5% in the 4th quarter. American Century Companies Inc. now owns 11,120 shares of the industrial products company's stock worth $344,000 after purchasing an additional 874 shares during the period. Institutional investors own 92.76% of the company's stock.

About Kornit Digital

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.