Kornit Digital (NASDAQ:KRNT) Sets New 12-Month Low - Here's Why

Key Points

• Kornit Digital's stock reached a new 52-week low of $12.78, down from a previous close of $19.18, with a trading volume of 357,551 shares.
• Analysts maintain a consensus rating of "Moderate Buy" for Kornit Digital, with an average target price of $33.20, indicating potential upside despite recent declines.
• Large institutional investors hold approximately 92.76% of Kornit Digital's stock, demonstrating significant confidence in the company's future prospects.

Kornit Digital Ltd. (NASDAQ:KRNT - Get Free Report) reached a new 52-week low during trading on Wednesday . The stock traded as low as $12.78 and last traded at $15.59, with a volume of 357551 shares trading hands. The stock had previously closed at $19.18.

Analysts Set New Price Targets

Several research firms have recently commented on KRNT. Needham & Company LLC reissued a "buy" rating and issued a $30.00 price objective on shares of Kornit Digital in a research note on Thursday, June 5th. Morgan Stanley reiterated an "overweight" rating on shares of Kornit Digital in a research note on Thursday, May 15th. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $33.20.

Kornit Digital Trading Down 20.9%

The stock's 50 day moving average price is $20.59 and its 200 day moving average price is $21.90. The company has a market cap of $721.24 million, a price-to-earnings ratio of -84.26 and a beta of 1.90.

Institutional Investors Weigh In On Kornit Digital

Large investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System boosted its position in shares of Kornit Digital by 1.2% in the 4th quarter. California State Teachers Retirement System now owns 46,855 shares of the industrial products company's stock valued at $1,450,000 after purchasing an additional 575 shares during the period. American Century Companies Inc. increased its position in Kornit Digital by 8.5% in the 4th quarter. American Century Companies Inc. now owns 11,120 shares of the industrial products company's stock worth $344,000 after buying an additional 874 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Kornit Digital by 9.2% during the 1st quarter. Bank of New York Mellon Corp now owns 13,539 shares of the industrial products company's stock worth $258,000 after purchasing an additional 1,141 shares in the last quarter. Deutsche Bank AG boosted its stake in Kornit Digital by 31.5% in the 4th quarter. Deutsche Bank AG now owns 4,770 shares of the industrial products company's stock valued at $148,000 after buying an additional 1,143 shares in the last quarter. Finally, Nebula Research & Development LLC boosted its stake in Kornit Digital by 11.1% in the 4th quarter. Nebula Research & Development LLC now owns 11,621 shares of the industrial products company's stock valued at $360,000 after buying an additional 1,161 shares in the last quarter. 92.76% of the stock is owned by institutional investors and hedge funds.

Kornit Digital Company Profile

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.

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