Kornit Digital (NASDAQ:KRNT) Shares Cross Below 50 Day Moving Average – What’s Next?

Kornit Digital Ltd. (NASDAQ:KRNT) crossed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $14.46 and traded as low as $13.64. Kornit Digital shares last traded at $14.15, with a volume of 367,049 shares traded.

Analysts Set New Price Targets

KRNT has been the subject of a number of research analyst reports. Barclays set a $22.00 target price on shares of Kornit Digital and gave the stock an “equal weight” rating in a research report on Thursday, August 7th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Kornit Digital in a research report on Wednesday, October 8th. Finally, Needham & Company LLC cut their target price on shares of Kornit Digital from $30.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.40.

Kornit Digital Stock Performance

The business’s 50-day moving average price is $14.46 and its 200-day moving average price is $17.94. The stock has a market cap of $633.78 million, a P/E ratio of -56.60 and a beta of 1.90.

Kornit Digital (NASDAQ:KRNT) last issued its quarterly earnings data on Wednesday, August 6th. The industrial products company reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. Kornit Digital had a negative net margin of 5.43% and a negative return on equity of 0.74%. The firm had revenue of $49.75 million during the quarter, compared to the consensus estimate of $52.07 million. During the same quarter in the previous year, the firm posted $0.02 EPS. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. As a group, equities research analysts expect that Kornit Digital Ltd. will post -0.2 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Hood River Capital Management LLC boosted its holdings in Kornit Digital by 39.1% in the 2nd quarter. Hood River Capital Management LLC now owns 2,182,569 shares of the industrial products company’s stock worth $43,455,000 after buying an additional 613,070 shares during the period. Granahan Investment Management LLC boosted its holdings in Kornit Digital by 6.2% in the 1st quarter. Granahan Investment Management LLC now owns 1,693,833 shares of the industrial products company’s stock worth $32,318,000 after buying an additional 98,284 shares during the period. Stephens Investment Management Group LLC boosted its holdings in Kornit Digital by 12.8% in the 2nd quarter. Stephens Investment Management Group LLC now owns 1,526,904 shares of the industrial products company’s stock worth $30,401,000 after buying an additional 173,492 shares during the period. Dudley & Shanley Inc. boosted its holdings in Kornit Digital by 97.5% in the 3rd quarter. Dudley & Shanley Inc. now owns 1,258,895 shares of the industrial products company’s stock worth $16,995,000 after buying an additional 621,595 shares during the period. Finally, Schroder Investment Management Group boosted its holdings in Kornit Digital by 18.1% in the 2nd quarter. Schroder Investment Management Group now owns 1,046,889 shares of the industrial products company’s stock worth $20,844,000 after buying an additional 160,374 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.