Kornit Digital (NASDAQ:KRNT) Stock Price Down 4.8% - Here's Why

Kornit Digital Ltd. (NASDAQ:KRNT - Get Free Report) dropped 4.8% during mid-day trading on Thursday . The stock traded as low as $21.36 and last traded at $21.43. Approximately 59,534 shares changed hands during trading, a decline of 80% from the average daily volume of 298,437 shares. The stock had previously closed at $22.50.

Analyst Ratings Changes

A number of equities research analysts have weighed in on KRNT shares. Cantor Fitzgerald raised Kornit Digital to a "strong-buy" rating in a report on Thursday, February 27th. Morgan Stanley reaffirmed an "overweight" rating on shares of Kornit Digital in a research report on Thursday, May 15th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $30.00 target price on shares of Kornit Digital in a report on Thursday, June 5th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $33.20.

Kornit Digital Stock Down 3.2%

The company has a market capitalization of $937.73 million, a price-to-earnings ratio of -55.41 and a beta of 1.93. The stock has a 50 day simple moving average of $20.20 and a 200 day simple moving average of $24.91.

Institutional Trading of Kornit Digital

Several large investors have recently added to or reduced their stakes in KRNT. Principal Financial Group Inc. raised its stake in shares of Kornit Digital by 64.7% in the 4th quarter. Principal Financial Group Inc. now owns 59,584 shares of the industrial products company's stock worth $1,844,000 after buying an additional 23,416 shares in the last quarter. Handelsbanken Fonder AB raised its position in Kornit Digital by 6.0% during the fourth quarter. Handelsbanken Fonder AB now owns 17,657 shares of the industrial products company's stock valued at $546,000 after acquiring an additional 1,000 shares in the last quarter. Oppenheimer Asset Management Inc. raised its position in shares of Kornit Digital by 33.1% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 51,307 shares of the industrial products company's stock valued at $1,588,000 after purchasing an additional 12,770 shares during the period. Parkside Financial Bank & Trust lifted its holdings in shares of Kornit Digital by 35.5% during the fourth quarter. Parkside Financial Bank & Trust now owns 3,773 shares of the industrial products company's stock worth $117,000 after buying an additional 988 shares during the last quarter. Finally, US Bancorp DE raised its holdings in Kornit Digital by 7.4% in the 4th quarter. US Bancorp DE now owns 8,294 shares of the industrial products company's stock valued at $257,000 after acquiring an additional 572 shares in the last quarter. 92.76% of the stock is currently 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.