Kornit Digital (NASDAQ:KRNT) Shares Gap Up to $18.22

Kornit Digital Ltd. (NASDAQ:KRNT) gapped up prior to trading on Tuesday . The stock had previously closed at $18.22, but opened at $18.79. Kornit Digital shares last traded at $19.81, with a volume of 74,863 shares trading hands.

Analyst Ratings Changes

Several equities analysts have recently issued reports on KRNT shares. Needham & Company LLC reiterated a “buy” rating and issued a $27.00 price objective on shares of Kornit Digital in a research note on Thursday, August 8th. StockNews.com upgraded Kornit Digital from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th.

Kornit Digital Price Performance

The firm has a market capitalization of $973.82 million, a PE ratio of -15.94 and a beta of 1.90. The company has a 50-day moving average price of $16.75 and a 200-day moving average price of $16.32.

Kornit Digital (NASDAQ:KRNT) last issued its quarterly earnings results on Wednesday, August 7th. The industrial products company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.03. The firm had revenue of $48.62 million during the quarter, compared to analyst estimates of $50.24 million. Kornit Digital had a negative net margin of 23.63% and a negative return on equity of 3.22%. Kornit Digital’s revenue for the quarter was down 13.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.28) earnings per share. On average, research analysts predict that Kornit Digital Ltd. will post -0.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Kornit Digital

Several large investors have recently made changes to their positions in KRNT. LHM Inc. acquired a new stake in Kornit Digital during the 2nd quarter valued at $5,500,000. B. Riley Wealth Advisors Inc. increased its holdings in shares of Kornit Digital by 26.2% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 17,486 shares of the industrial products company’s stock valued at $256,000 after acquiring an additional 3,633 shares during the last quarter. Disciplined Growth Investors Inc. MN grew its position in Kornit Digital by 5.7% in the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 2,060,575 shares of the industrial products company’s stock worth $30,167,000 after purchasing an additional 111,971 shares during the last quarter. Meros Investment Management LP increased its position in Kornit Digital by 39.3% in the 2nd quarter. Meros Investment Management LP now owns 231,584 shares of the industrial products company’s stock valued at $3,390,000 after acquiring an additional 65,302 shares during the period. Finally, Marathon Capital Management raised its stake in Kornit Digital by 52.5% during the 2nd quarter. Marathon Capital Management now owns 102,775 shares of the industrial products company’s stock valued at $1,505,000 after acquiring an additional 35,380 shares in the last quarter. 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.