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

Shares of 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.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on KRNT. Cantor Fitzgerald reiterated an “overweight” rating and issued a $39.00 price target on shares of Kornit Digital in a research note on Thursday, February 13th. Needham & Company LLC upped their price target on shares of Kornit Digital from $31.00 to $34.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Morgan Stanley upped their price target on shares of Kornit Digital from $33.00 to $38.00 and gave the stock an “overweight” rating in a research note on Monday, December 16th. Finally, Craig Hallum upped their price target 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. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Kornit Digital currently has an average rating of “Moderate Buy” and a consensus target price of $34.00.

Kornit Digital Trading Down 1.8 %

The firm has a market cap of $1.22 billion, a P/E ratio of -73.06 and a beta of 2.02. The company’s 50 day simple moving average is $30.03 and its 200-day simple moving average is $26.49.

Kornit Digital (NASDAQ:KRNT) last posted its earnings results on Wednesday, February 12th. The industrial products company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.14). Kornit Digital had a negative net margin of 8.24% and a negative return on equity of 1.51%. On average, sell-side analysts anticipate that Kornit Digital Ltd. will post -0.2 earnings per share for the current year.

Institutional Investors Weigh In On Kornit Digital

Several hedge funds and other institutional investors have recently made changes to their positions in KRNT. Fifth Third Bancorp increased its position in shares of Kornit Digital by 23.4% during the 4th quarter. Fifth Third Bancorp now owns 2,069 shares of the industrial products company’s stock valued at $64,000 after purchasing an additional 393 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of Kornit Digital by 654.5% during the 4th quarter. Russell Investments Group Ltd. now owns 2,075 shares of the industrial products company’s stock valued at $64,000 after purchasing an additional 1,800 shares during the last quarter. Parkside Financial Bank & Trust increased its position in shares of Kornit Digital by 35.5% during the 4th quarter. Parkside Financial Bank & Trust now owns 3,773 shares of the industrial products company’s stock valued at $117,000 after purchasing an additional 988 shares during the last quarter. Deutsche Bank AG increased its position in shares of Kornit Digital by 31.5% during the 4th quarter. Deutsche Bank AG now owns 4,770 shares of the industrial products company’s stock valued at $148,000 after purchasing an additional 1,143 shares during the last quarter. Finally, Signaturefd LLC increased its position in shares of Kornit Digital by 69.7% during the 3rd quarter. Signaturefd LLC now owns 5,818 shares of the industrial products company’s stock valued at $150,000 after purchasing an additional 2,390 shares during the last quarter. Hedge funds and other 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.