Kornit Digital (NASDAQ:KRNT) Trading Down 4.9% - What's Next?

Kornit Digital Ltd. (NASDAQ:KRNT - Get Free Report) shares fell 4.9% during trading on Tuesday . The stock traded as low as $21.18 and last traded at $21.20. 45,190 shares traded hands during trading, a decline of 85% from the average session volume of 297,231 shares. The stock had previously closed at $22.29.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on KRNT. Morgan Stanley boosted their price target on Kornit Digital from $33.00 to $38.00 and gave the stock an "overweight" rating in a research note on Monday, December 16th. Cantor Fitzgerald raised Kornit Digital to a "strong-buy" rating in a research report on Thursday, February 27th. Finally, Needham & Company LLC raised their price target on shares of Kornit Digital from $31.00 to $34.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $34.00.

Kornit Digital Price Performance

The business has a 50-day moving average of $25.51 and a 200 day moving average of $27.30. The company has a market cap of $927.26 million, a PE ratio of -55.71 and a beta of 2.12.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The industrial products company reported $0.07 earnings per share 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%. On average, equities analysts predict that Kornit Digital Ltd. will post -0.2 EPS for the current fiscal year.

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Institutional Investors Weigh In On Kornit Digital

Several hedge funds and other institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System increased its position in Kornit Digital by 1.2% in 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 buying an additional 575 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in Kornit Digital during the 4th quarter worth approximately $399,000. Castleark Management LLC purchased a new position in Kornit Digital during the fourth quarter valued at approximately $4,200,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Kornit Digital by 11.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 115,695 shares of the industrial products company's stock worth $3,581,000 after purchasing an additional 11,496 shares during the period. Finally, Shellback Capital LP purchased a new stake in shares of Kornit Digital in the fourth quarter worth $319,000. 92.76% of the stock is currently owned by hedge funds and other institutional investors.

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.