Kornit Digital (NASDAQ:KRNT) Trading 5.3% Higher – Still a Buy?

Kornit Digital Ltd. (NASDAQ:KRNT)’s share price shot up 5.3% during mid-day trading on Wednesday . The stock traded as high as $16.99 and last traded at $16.65. 113,035 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 293,369 shares. The stock had previously closed at $15.81.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on KRNT shares. Morgan Stanley increased their price objective on shares of Kornit Digital from $33.00 to $38.00 and gave the company an “overweight” rating in a research note on Monday, December 16th. Cantor Fitzgerald raised shares of Kornit Digital to a “strong-buy” rating in a research report on Thursday, February 27th. Finally, Needham & Company LLC decreased their price objective on Kornit Digital from $34.00 to $28.00 and set a “buy” rating on the stock in a report on Tuesday. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $32.80.

Kornit Digital Price Performance

The stock has a market capitalization of $889.70 million, a P/E ratio of -53.46 and a beta of 2.08. The company’s 50 day simple moving average is $22.85 and its two-hundred day simple moving average is $26.82.

Kornit Digital (NASDAQ:KRNT) last released its quarterly earnings results on Wednesday, February 12th. The industrial products company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.14). Kornit Digital had a negative net margin of 8.24% and a negative return on equity of 1.51%. On average, research analysts anticipate that Kornit Digital Ltd. will post -0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Kornit Digital

Institutional investors have recently made changes to their positions in the stock. Riverbridge Partners LLC boosted its holdings in Kornit Digital by 21.1% during the fourth quarter. Riverbridge Partners LLC now owns 1,927,091 shares of the industrial products company’s stock worth $59,643,000 after buying an additional 335,713 shares during the last quarter. Stephens Investment Management Group LLC boosted its stake in Kornit Digital by 4.4% during the 4th quarter. Stephens Investment Management Group LLC now owns 1,342,321 shares of the industrial products company’s stock worth $41,545,000 after acquiring an additional 57,068 shares during the last quarter. Loomis Sayles & Co. L P grew its holdings in Kornit Digital by 259.7% during the fourth 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 purchasing an additional 893,463 shares during the period. Hood River Capital Management LLC increased its stake in Kornit Digital by 47.2% in the fourth quarter. Hood River Capital Management LLC now owns 1,099,725 shares of the industrial products company’s stock valued at $34,036,000 after purchasing an additional 352,648 shares in the last quarter. Finally, Pathstone Holdings LLC raised its holdings in Kornit Digital by 0.8% in the fourth quarter. Pathstone Holdings LLC now owns 859,668 shares of the industrial products company’s stock worth $26,607,000 after purchasing an additional 6,503 shares during the period. 92.76% of the stock is owned by institutional investors and hedge funds.

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.