Kornit Digital (NASDAQ:KRNT) Trading 14.6% Higher

Kornit Digital Ltd. (NASDAQ:KRNT) shares shot up 14.6% during trading on Wednesday . The stock traded as high as $16.98 and last traded at $16.40. 37,886 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 363,280 shares. The stock had previously closed at $14.31.

Analyst Ratings Changes

Several analysts have recently commented on the company. Needham & Company LLC restated a “buy” rating and set a $27.00 target price on shares of Kornit Digital in a report on Thursday, May 9th. StockNews.com downgraded Kornit Digital from a “hold” rating to a “sell” rating in a report on Wednesday, July 31st.

Kornit Digital Stock Performance

The stock has a market cap of $783.33 million, a price-to-earnings ratio of -13.44 and a beta of 1.90. The business has a 50-day simple moving average of $14.96 and a two-hundred day simple moving average of $16.20.

Kornit Digital (NASDAQ:KRNT) last posted its quarterly earnings results on Wednesday, May 8th. The industrial products company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.02). The business had revenue of $43.78 million during the quarter, compared to the consensus estimate of $45.85 million. Kornit Digital had a negative net margin of 27.17% and a negative return on equity of 4.31%. On average, analysts expect that Kornit Digital Ltd. will post -0.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Kornit Digital

Institutional investors and hedge funds have recently bought and sold shares of the company. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in shares of Kornit Digital by 103.5% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 953,682 shares of the industrial products company’s stock valued at $18,273,000 after acquiring an additional 485,000 shares in the last quarter. Van ECK Associates Corp grew its holdings in Kornit Digital by 12.4% in the fourth quarter. Van ECK Associates Corp now owns 13,099 shares of the industrial products company’s stock worth $251,000 after purchasing an additional 1,441 shares during the period. Lisanti Capital Growth LLC acquired a new position in shares of Kornit Digital during the fourth quarter worth approximately $982,000. Altshuler Shaham Ltd bought a new position in Kornit Digital during the 4th quarter valued at $1,274,000. Finally, BNP Paribas Financial Markets grew its position in Kornit Digital by 5,353.7% in the 4th quarter. BNP Paribas Financial Markets now owns 73,788 shares of the industrial products company’s stock worth $1,414,000 after purchasing an additional 72,435 shares in the last quarter. Institutional investors 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.