Kornit Digital (NASDAQ:KRNT) Shares Gap Down After Earnings Miss

Kornit Digital Ltd. (NASDAQ:KRNT) shares gapped down prior to trading on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $29.15, but opened at $26.49. Kornit Digital shares last traded at $28.01, with a volume of 75,210 shares trading hands.

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 2.17% and a negative net margin of 21.00%.

Wall Street Analyst Weigh In

KRNT has been the topic of a number of recent research reports. Cantor Fitzgerald began coverage on Kornit Digital in a report on Tuesday, November 26th. They issued an “overweight” rating and a $39.00 target price on the stock. Morgan Stanley boosted 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. Craig Hallum raised their target price on shares of Kornit Digital from $27.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Needham & Company LLC lifted their target price on shares of Kornit Digital from $27.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $33.40.

Institutional Investors Weigh In On Kornit Digital

A number of hedge funds and other institutional investors have recently bought and sold shares of KRNT. Chicago Capital LLC grew its position in Kornit Digital by 8.1% during the third quarter. Chicago Capital LLC now owns 3,089,263 shares of the industrial products company’s stock worth $79,811,000 after buying an additional 231,659 shares during the period. Disciplined Growth Investors Inc. MN boosted its stake in shares of Kornit Digital by 2.6% during the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 2,113,832 shares of the industrial products company’s stock worth $54,611,000 after acquiring an additional 53,257 shares in the last quarter. Riverbridge Partners LLC grew its holdings in shares of Kornit Digital by 21.1% in the 4th quarter. Riverbridge Partners LLC now owns 1,927,091 shares of the industrial products company’s stock worth $59,643,000 after acquiring an additional 335,713 shares during the period. Stephens Investment Management Group LLC increased its stake in Kornit Digital by 4.4% in the 4th quarter. Stephens Investment Management Group LLC now owns 1,342,321 shares of the industrial products company’s stock valued at $41,545,000 after purchasing an additional 57,068 shares in the last quarter. Finally, Loomis Sayles & Co. L P raised 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 worth $38,300,000 after purchasing an additional 893,463 shares during the last quarter. Institutional investors and hedge funds own 92.76% of the company’s stock.

Kornit Digital Price Performance

The company has a market capitalization of $1.39 billion, a PE ratio of -33.14 and a beta of 2.02. The stock has a 50-day simple moving average of $30.67 and a 200 day simple moving average of $26.06.

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.