Kornit Digital (NASDAQ:KRNT) Sees Strong Trading Volume – What’s Next?

Kornit Digital Ltd. (NASDAQ:KRNT) saw an uptick in trading volume on Tuesday . 445,925 shares were traded during mid-day 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 brokerages have weighed in on KRNT. Craig Hallum boosted their target price on Kornit Digital from $27.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Morgan Stanley upped their price target on shares of Kornit Digital from $33.00 to $38.00 and gave the company an “overweight” rating in a research report on Monday, December 16th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $39.00 price target on shares of Kornit Digital in a research report on Thursday, February 13th. Finally, Needham & Company LLC upped their price target on shares of Kornit Digital from $31.00 to $34.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.00.

Kornit Digital Stock Performance

The stock has a market cap of $1.23 billion, a PE ratio of -29.38 and a beta of 2.02. The company’s 50-day moving average price is $30.41 and its 200 day moving average price is $26.42.

Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings data 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 net margin of 21.00% and a negative return on equity of 2.17%. On average, sell-side analysts anticipate that Kornit Digital Ltd. will post -0.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Castleark Management LLC bought a new position in shares of Kornit Digital during the 4th quarter valued at approximately $4,200,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Kornit Digital by 11.0% during the 4th 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 valued at $3,581,000 after acquiring an additional 11,496 shares during the period. Shellback Capital LP bought a new position in shares of Kornit Digital during the 4th quarter valued at approximately $319,000. Pathstone Holdings LLC boosted its stake in Kornit Digital by 0.8% in the 4th 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. Finally, Nicholas Investment Partners LP boosted its stake in Kornit Digital by 43.1% in the 4th quarter. Nicholas Investment Partners LP now owns 385,082 shares of the industrial products company’s stock worth $11,918,000 after purchasing an additional 115,979 shares during the period. 92.76% of the stock is currently owned by institutional investors.

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.