Kornit Digital (NASDAQ:KRNT) Trading Down 3.2% – Time to Sell?

Shares of Kornit Digital Ltd. (NASDAQ:KRNT) fell 3.2% during mid-day trading on Monday . The company traded as low as $21.76 and last traded at $21.95. 86,623 shares were traded during mid-day trading, a decline of 71% from the average session volume of 301,434 shares. The stock had previously closed at $22.67.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on KRNT. Needham & Company LLC raised their price target on 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 raised their price target on Kornit Digital from $33.00 to $38.00 and gave the stock an “overweight” rating in a research note on Monday, December 16th. Finally, Cantor Fitzgerald upgraded Kornit Digital to a “strong-buy” rating in a research note on Thursday, February 27th. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $34.00.

Kornit Digital Price Performance

The company has a market capitalization of $1.02 billion, a PE ratio of -61.31 and a beta of 2.12. The company has a 50-day moving average of $26.90 and a two-hundred day moving average of $27.23.

Kornit Digital (NASDAQ:KRNT) last released its earnings results on Wednesday, February 12th. The industrial products company reported $0.07 earnings per share 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%. As a group, research analysts anticipate that Kornit Digital Ltd. will post -0.2 EPS for the current year.

Hedge Funds Weigh In On Kornit Digital

Several institutional investors and hedge funds have recently bought and sold shares of KRNT. Principal Financial Group Inc. purchased a new position in shares of Kornit Digital in the third quarter valued at about $934,000. Lisanti Capital Growth LLC lifted its position in shares of Kornit Digital by 119.0% in the fourth quarter. Lisanti Capital Growth LLC now owns 213,825 shares of the industrial products company’s stock valued at $6,618,000 after acquiring an additional 116,170 shares in the last quarter. Loomis Sayles & Co. L P purchased a new position in shares of Kornit Digital in the third quarter valued at about $8,887,000. Stephens Investment Management Group LLC lifted its position in shares of Kornit Digital by 4.4% in the fourth 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 acquiring an additional 57,068 shares in the last quarter. Finally, Dudley & Shanley Inc. lifted its position in shares of Kornit Digital by 25.3% in the third quarter. Dudley & Shanley Inc. now owns 259,525 shares of the industrial products company’s stock valued at $6,705,000 after acquiring an additional 52,425 shares in the last quarter. 92.76% of the stock is currently owned by hedge funds and other 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.