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

Kornit Digital Ltd. (NASDAQ:KRNT) crossed above its fifty day moving average during trading on Friday . The stock has a fifty 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.

Wall Street Analysts Forecast Growth

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

Kornit Digital Stock Performance

The stock has a market cap of $720.61 million, a PE ratio of -34.94 and a beta of 1.72. The firm’s 50-day moving average is $16.12 and its 200 day moving average is $15.60.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Senvest Management LLC increased its position in Kornit Digital by 4.1% during the 4th quarter. Senvest Management LLC now owns 4,141,355 shares of the industrial products company’s stock worth $59,553,000 after purchasing an additional 162,100 shares during the period. Morgan Stanley raised its position in Kornit Digital by 26.5% in the fourth quarter. Morgan Stanley now owns 3,998,548 shares of the industrial products company’s stock worth $57,499,000 after acquiring an additional 838,814 shares in the last quarter. Artisan Partners Limited Partnership lifted its holdings in Kornit Digital by 32.6% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,647,804 shares of the industrial products company’s stock valued at $38,075,000 after acquiring an additional 650,283 shares during the period. Granahan Investment Management LLC boosted its position in shares of Kornit Digital by 31.4% during the 4th quarter. Granahan Investment Management LLC now owns 2,569,663 shares of the industrial products company’s stock worth $36,952,000 after purchasing an additional 614,513 shares in the last quarter. Finally, Invenomic Capital Management LP boosted its position in shares of Kornit Digital by 196.9% during the 4th quarter. Invenomic Capital Management LP now owns 1,397,950 shares of the industrial products company’s stock worth $20,103,000 after purchasing an additional 927,169 shares in the last quarter. 92.76% of the stock is currently owned by institutional investors and hedge funds.

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.