Kornit Digital (NASDAQ:KRNT) Stock Price Crosses Above 50 Day Moving Average – What’s Next?

Kornit Digital Ltd. (NASDAQ:KRNT) shares crossed 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 changing hands.

Analyst Upgrades and Downgrades

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

Kornit Digital Stock Performance

The stock has a market capitalization of $719.33 million, a P/E ratio of -41.18 and a beta of 1.75. The firm has a fifty day moving average price of $15.82 and a two-hundred day moving average price of $15.07.

Kornit Digital (NASDAQ:KRNT) last released 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). The business had revenue of $48.54 million for the quarter, compared to the consensus estimate of $46.67 million. Kornit Digital had a negative net margin of 7.93% and a negative return on equity of 1.15%. The company’s quarterly revenue was up 4.4% on a year-over-year basis. During the same period last year, the firm earned $0.01 earnings per share. On average, research analysts anticipate that Kornit Digital Ltd. will post -0.28 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Polar Asset Management Partners Inc. increased its holdings in shares of Kornit Digital by 21.1% during the 3rd quarter. Polar Asset Management Partners Inc. now owns 779,559 shares of the industrial products company’s stock valued at $10,524,000 after purchasing an additional 135,709 shares in the last quarter. Invenomic Capital Management LP acquired a new position in shares of Kornit Digital in the 3rd quarter valued at $6,356,000. Medina Value Partners LLC purchased a new stake in Kornit Digital during the third quarter worth $12,732,000. Thompson Investment Management Inc. increased its stake in shares of Kornit Digital by 11.0% in the 4th quarter. Thompson Investment Management Inc. now owns 876,977 shares of the industrial products company’s stock valued at $12,611,000 after purchasing an additional 87,216 shares in the last quarter. Finally, Ironwood Investment Management LLC purchased a new stake in shares of Kornit Digital in the third quarter valued at approximately $1,006,000. 92.76% of the stock is currently owned by 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.