Kornit Digital (NASDAQ:KRNT) Stock Crosses Above 50 Day Moving Average – Here’s What Happened

Kornit Digital Ltd. (NASDAQ:KRNT) passed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $15.82 and traded as high as $16.08. Kornit Digital shares last traded at $16.06, with a volume of 187,728 shares.

Analysts Set New Price Targets

KRNT has been the subject of several analyst reports. Morgan Stanley increased their price objective on Kornit Digital from $17.00 to $18.00 and gave the company an “equal weight” rating in a report on Tuesday. Needham & Company LLC increased their price target on Kornit Digital from $20.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Kornit Digital in a research note on Wednesday, March 25th. Finally, Wall Street Zen upgraded shares of Kornit Digital from a “sell” rating to a “hold” rating in a report on Sunday, April 12th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $21.00.

Kornit Digital Price Performance

The stock has a fifty day moving average of $15.82 and a 200 day moving average of $15.07. The stock has a market cap of $719.33 million, a price-to-earnings ratio of -41.18 and a beta of 1.75.

Kornit Digital (NASDAQ:KRNT) last issued its quarterly earnings results on Wednesday, May 13th. The industrial products company reported ($0.01) earnings per share for the quarter, hitting the consensus estimate of ($0.01). Kornit Digital had a negative net margin of 7.93% and a negative return on equity of 1.15%. The company had revenue of $48.54 million for the quarter, compared to the consensus estimate of $46.67 million. During the same quarter in the prior year, the company earned $0.01 EPS. Kornit Digital’s quarterly revenue was up 4.4% on a year-over-year basis. As a group, equities analysts expect that Kornit Digital Ltd. will post -0.28 earnings per share for the current fiscal year.

Institutional Trading of Kornit Digital

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Senvest Management LLC increased its stake in shares of Kornit Digital by 4.1% during the fourth quarter. Senvest Management LLC now owns 4,141,355 shares of the industrial products company’s stock worth $59,553,000 after buying an additional 162,100 shares during the period. Morgan Stanley boosted its stake in shares of Kornit Digital by 26.5% in the fourth quarter. Morgan Stanley now owns 3,998,548 shares of the industrial products company’s stock valued at $57,499,000 after purchasing an additional 838,814 shares during the period. Artisan Partners Limited Partnership grew its stake in Kornit Digital by 32.6% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,647,804 shares of the industrial products company’s stock valued at $38,075,000 after purchasing an additional 650,283 shares in the last quarter. Granahan Investment Management LLC raised its position in shares of Kornit Digital by 31.4% in the 4th quarter. Granahan Investment Management LLC now owns 2,569,663 shares of the industrial products company’s stock valued at $36,952,000 after purchasing an additional 614,513 shares in the last quarter. Finally, Baillie Gifford & Co. boosted its stake in shares of Kornit Digital by 61.7% during the 4th quarter. Baillie Gifford & Co. now owns 1,565,079 shares of the industrial products company’s stock valued at $22,506,000 after buying an additional 597,128 shares during the last quarter. 92.76% of the stock is currently owned by hedge funds and other institutional investors.

Kornit Digital Company Profile

Kornit Digital Ltd. (NASDAQ: KRNT) is a global technology company specializing in digital textile printing solutions. Headquartered in Rosh Ha’Ayin, Israel, Kornit develops and manufactures an integrated ecosystem of industrial inkjet printers, proprietary NeoPigment inks and pretreatment systems. Its product portfolio addresses a range of applications including direct-to-garment, direct-to-fabric, digital embellishment and hybrid manufacturing, enabling businesses to produce custom apparel, sportswear, fashion and home textiles on demand.

The company’s flagship offerings include the Avalanche and Atlas series for high-volume production, as well as the Storm and Helix lines designed for mid-to-large scale operations.