Kornit Digital (NASDAQ:KRNT) Trading Down 4.9% – Time to Sell?

Shares of Kornit Digital Ltd. (NASDAQ:KRNT) dropped 4.9% during mid-day trading on Tuesday . The stock traded as low as $21.18 and last traded at $21.20. 45,190 shares were traded during mid-day trading, a decline of 85% from the average session volume of 297,231 shares. The stock had previously closed at $22.29.

Wall Street Analysts Forecast Growth

KRNT has been the topic of several research analyst reports. Needham & Company LLC increased their price target on Kornit Digital from $31.00 to $34.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Morgan Stanley boosted their target price on shares of Kornit Digital from $33.00 to $38.00 and gave the stock an “overweight” rating in a report on Monday, December 16th. Finally, Cantor Fitzgerald raised Kornit Digital to a “strong-buy” rating in a report on Thursday, February 27th. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Kornit Digital has an average rating of “Moderate Buy” and a consensus price target of $34.00.

Kornit Digital Trading Down 3.6 %

The stock has a market capitalization of $955.32 million, a P/E ratio of -57.40 and a beta of 2.12. The stock has a 50 day moving average of $25.91 and a 200-day moving average of $27.31.

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

Institutional Investors Weigh In On Kornit Digital

Several institutional investors and hedge funds have recently made changes to their positions in KRNT. Fifth Third Bancorp raised its position in Kornit Digital by 23.4% during the 4th quarter. Fifth Third Bancorp now owns 2,069 shares of the industrial products company’s stock worth $64,000 after buying an additional 393 shares during the last quarter. US Bancorp DE lifted its stake in shares of Kornit Digital by 7.4% in the 4th quarter. US Bancorp DE now owns 8,294 shares of the industrial products company’s stock valued at $257,000 after purchasing an additional 572 shares during the period. California State Teachers Retirement System raised its position in shares of Kornit Digital by 1.2% in the fourth quarter. California State Teachers Retirement System now owns 46,855 shares of the industrial products company’s stock worth $1,450,000 after acquiring an additional 575 shares during the period. B. Riley Wealth Advisors Inc. boosted its stake in shares of Kornit Digital by 3.6% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 18,111 shares of the industrial products company’s stock worth $468,000 after acquiring an additional 625 shares in the last quarter. Finally, American Century Companies Inc. grew its position in shares of Kornit Digital by 8.5% during the 4th quarter. American Century Companies Inc. now owns 11,120 shares of the industrial products company’s stock valued at $344,000 after acquiring an additional 874 shares during the period. 92.76% of the stock is currently 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.