Kornit Digital (NASDAQ:KRNT) Share Price Passes Above 50-Day Moving Average – Here’s Why

Kornit Digital Ltd. (NASDAQ:KRNT)’s stock price passed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $16.12 and traded as high as $16.92. Kornit Digital shares last traded at $16.77, with a volume of 310,625 shares.

Analyst Ratings Changes

A number of equities analysts recently commented on KRNT shares. Needham & Company LLC boosted their price objective on shares of Kornit Digital from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Weiss Ratings cut shares of Kornit Digital from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, August 12th. Morgan Stanley boosted their price target on Kornit Digital from $18.00 to $19.00 and gave the company an “equal weight” rating in a research note on Thursday, August 13th. Finally, Zacks Research downgraded shares of Kornit Digital from a “hold” rating to a “strong sell” rating in a report on Thursday, July 30th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $21.50.

Kornit Digital Stock Up 2.0%

The stock has a market cap of $720.61 million, a PE ratio of -34.94 and a beta of 1.72. The business has a 50 day moving average price of $16.12 and a 200 day moving average price of $15.60.

Kornit Digital (NASDAQ:KRNT) last posted its earnings results on Wednesday, August 12th. The industrial products company reported $0.04 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.05. Kornit Digital had a negative return on equity of 1.00% and a negative net margin of 9.42%.The firm had revenue of $55.32 million for the quarter, compared to analyst estimates of $52.80 million. During the same period last year, the company earned $0.03 earnings per share. Kornit Digital’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, research analysts predict that Kornit Digital Ltd. will post -0.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Kornit Digital

Several institutional investors have recently made changes to their positions in the company. Lone Peak Global Investors LLC boosted its holdings in Kornit Digital by 2.6% during the second quarter. Lone Peak Global Investors LLC now owns 36,069 shares of the industrial products company’s stock worth $586,000 after buying an additional 908 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in Kornit Digital in the second quarter valued at $224,000. American Capital Management Inc. purchased a new stake in shares of Kornit Digital during the 2nd quarter worth about $4,598,000. Wasatch Advisors LP grew its position in shares of Kornit Digital by 145.9% during the 2nd quarter. Wasatch Advisors LP now owns 433,968 shares of the industrial products company’s stock valued at $7,052,000 after acquiring an additional 257,478 shares during the period. Finally, Janus Henderson Group PLC grew its position in shares of Kornit Digital by 13.7% during the 1st quarter. Janus Henderson Group PLC now owns 793,194 shares of the industrial products company’s stock valued at $11,628,000 after acquiring an additional 95,693 shares during the period. 92.76% of the stock is owned by hedge funds and other institutional investors.

About Kornit Digital

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.