Kornit Digital (NASDAQ:KRNT) Stock Price Down 4.8% - What's Next?

Kornit Digital Ltd. (NASDAQ:KRNT - Get Free Report)'s stock price was down 4.8% during trading on Thursday . The stock traded as low as $21.36 and last traded at $21.43. Approximately 59,534 shares traded hands during mid-day 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

Several equities research analysts have recently commented on KRNT shares. Cantor Fitzgerald upgraded shares of Kornit Digital to a "strong-buy" rating in a research note on Thursday, February 27th. Needham & Company LLC reiterated a "buy" rating and set a $30.00 price target on shares of Kornit Digital in a research report on Thursday, June 5th. Finally, Morgan Stanley reiterated an "overweight" rating on shares of Kornit Digital in a research report on Thursday, May 15th. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $33.20.

Kornit Digital Stock Performance

The company's 50-day moving average is $20.27 and its 200-day moving average is $24.73. The firm has a market cap of $929.17 million, a price-to-earnings ratio of -55.83 and a beta of 1.93.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. US Bancorp DE lifted its position in Kornit Digital by 7.4% during the 4th quarter. US Bancorp DE now owns 8,294 shares of the industrial products company's stock valued at $257,000 after purchasing an additional 572 shares during the period. California State Teachers Retirement System lifted its position in Kornit Digital by 1.2% during 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. lifted its position in Kornit Digital by 8.5% during the 4th quarter. American Century Companies Inc. now owns 11,120 shares of the industrial products company's stock valued at $344,000 after purchasing an additional 874 shares during the period. Parkside Financial Bank & Trust lifted its position in 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 period. Finally, Handelsbanken Fonder AB lifted its position in Kornit Digital by 6.0% during the 4th quarter. Handelsbanken Fonder AB now owns 17,657 shares of the industrial products company's stock valued at $546,000 after purchasing an additional 1,000 shares during the period. 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.