Kornit Digital (NASDAQ:KRNT) Sees Strong Trading Volume – Here’s What Happened

Kornit Digital Ltd. (NASDAQ:KRNT) saw strong trading volume on Tuesday . 445,925 shares changed hands during trading, an increase of 77% from the previous session’s volume of 252,430 shares.The stock last traded at $25.78 and had previously closed at $27.60.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. 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 report on Monday, December 16th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $39.00 price objective on shares of Kornit Digital in a report on Thursday, February 13th. Needham & Company LLC increased their price objective on shares of Kornit Digital from $31.00 to $34.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Finally, Craig Hallum increased their price objective on shares of Kornit Digital from $27.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $34.00.

Kornit Digital Trading Down 1.8 %

The stock has a market capitalization of $1.22 billion, a P/E ratio of -73.06 and a beta of 2.02. The business has a 50-day moving average price of $30.03 and a 200 day moving average price of $26.49.

Kornit Digital (NASDAQ:KRNT) last issued 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%. On average, sell-side analysts predict that Kornit Digital Ltd. will post -0.2 earnings per share for the current fiscal year.

Institutional Trading of Kornit Digital

A number of institutional investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio bought a new stake in Kornit Digital in the fourth quarter worth $399,000. Castleark Management LLC purchased a new stake in Kornit Digital in the fourth quarter worth $4,200,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Kornit Digital by 11.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 115,695 shares of the industrial products company’s stock worth $3,581,000 after purchasing an additional 11,496 shares during the period. Shellback Capital LP purchased a new stake in Kornit Digital in the fourth quarter worth $319,000. Finally, Pathstone Holdings LLC increased its stake 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 currently owned by institutional investors.

Kornit Digital Company Profile

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.