Kornit Digital (NASDAQ:KRNT) Trading Down 5.2% – Here’s Why

Kornit Digital Ltd. (NASDAQ:KRNT) fell 5.2% on Friday . The stock traded as low as $28.00 and last traded at $27.64. 42,359 shares traded hands during trading, a decline of 82% from the average session volume of 235,203 shares. The stock had previously closed at $29.15.

Wall Street Analysts Forecast Growth

KRNT has been the topic of several recent analyst reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $39.00 target price on shares of Kornit Digital in a report on Thursday. Morgan Stanley boosted their price objective on Kornit Digital from $33.00 to $38.00 and gave the stock an “overweight” rating in a research note on Monday, December 16th. Needham & Company LLC raised their target price on Kornit Digital from $31.00 to $34.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Craig Hallum upped their price target on shares of Kornit Digital from $27.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $34.00.

Kornit Digital Price Performance

The stock has a market capitalization of $1.31 billion, a price-to-earnings ratio of -31.23 and a beta of 2.02. The stock has a 50-day moving average of $30.62 and a 200 day moving average of $26.08.

Kornit Digital (NASDAQ:KRNT) last issued its quarterly earnings results on Wednesday, February 12th. The industrial products company reported $0.07 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.14). Kornit Digital had a negative return on equity of 2.17% and a negative net margin of 21.00%. Sell-side analysts anticipate that Kornit Digital Ltd. will post -0.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Kornit Digital

Several hedge funds have recently added to or reduced their stakes in KRNT. Loomis Sayles & Co. L P raised its position in shares of Kornit Digital by 259.7% in the 4th quarter. Loomis Sayles & Co. L P now owns 1,237,453 shares of the industrial products company’s stock valued at $38,300,000 after acquiring an additional 893,463 shares during the period. Assenagon Asset Management S.A. increased its stake in Kornit Digital by 421.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 470,674 shares of the industrial products company’s stock valued at $14,567,000 after purchasing an additional 380,392 shares in the last quarter. Artemis Investment Management LLP raised its holdings in Kornit Digital by 138.2% in the fourth quarter. Artemis Investment Management LLP now owns 641,908 shares of the industrial products company’s stock worth $19,867,000 after purchasing an additional 372,443 shares during the period. Hood River Capital Management LLC boosted its position in shares of Kornit Digital by 47.2% during the fourth quarter. Hood River Capital Management LLC now owns 1,099,725 shares of the industrial products company’s stock worth $34,036,000 after purchasing an additional 352,648 shares in the last quarter. Finally, Riverbridge Partners LLC grew its holdings in shares of Kornit Digital by 21.1% in the 4th quarter. Riverbridge Partners LLC now owns 1,927,091 shares of the industrial products company’s stock valued at $59,643,000 after buying an additional 335,713 shares during the period. Institutional investors and hedge funds 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.