Kornit Digital (NASDAQ:KRNT) Shares Up 5.3% – Still a Buy?

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

Analyst Ratings Changes

A number of brokerages have recently commented on KRNT. Morgan Stanley upped 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. Needham & Company LLC decreased their price objective on Kornit Digital from $34.00 to $28.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, Cantor Fitzgerald raised Kornit Digital to a “strong-buy” rating in a report on Thursday, February 27th. Two investment 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 stock. According to data from MarketBeat.com, Kornit Digital currently has an average rating of “Moderate Buy” and an average price target of $32.80.

Kornit Digital Trading Up 21.4 %

The stock has a fifty day simple moving average of $23.48 and a two-hundred day simple moving average of $26.96. The company has a market cap of $912.52 million, a PE ratio of -54.83 and a beta of 2.08.

Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings data on Wednesday, February 12th. The industrial products company reported $0.07 earnings per share 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%. As a group, equities research analysts anticipate that Kornit Digital Ltd. will post -0.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Kornit Digital

Large investors have recently made changes to their positions in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Kornit Digital by 88.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 104,199 shares of the industrial products company’s stock valued at $2,692,000 after buying an additional 48,993 shares in the last quarter. XTX Topco Ltd increased its stake in Kornit Digital by 50.5% in the 3rd quarter. XTX Topco Ltd now owns 31,532 shares of the industrial products company’s stock valued at $815,000 after purchasing an additional 10,579 shares in the last quarter. Barclays PLC raised its holdings in Kornit Digital by 130.1% during the third quarter. Barclays PLC now owns 20,420 shares of the industrial products company’s stock worth $527,000 after purchasing an additional 11,544 shares during the last quarter. Disciplined Growth Investors Inc. MN boosted its position in Kornit Digital by 2.6% during the third quarter. Disciplined Growth Investors Inc. MN now owns 2,113,832 shares of the industrial products company’s stock worth $54,611,000 after purchasing an additional 53,257 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in Kornit Digital by 15.3% in the third quarter. Geode Capital Management LLC now owns 83,229 shares of the industrial products company’s stock valued at $2,150,000 after purchasing an additional 11,049 shares during the last quarter. Hedge funds and other 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.