Kornit Digital (NASDAQ:KRNT) Shares Gap Down - Should You Sell?

Key Points

• Kornit Digital shares gapped down on Friday, opening at $14.15 after closing at $14.88, with the last traded price of $14.67.
• Recent analyst ratings show a mix, with Morgan Stanley maintaining an "overweight" rating, Barclays setting a price target of $22.00, and Needham lowering its target from $30.00 to $25.00.
• The company's quarterly earnings report revealed a revenue of $49.75 million, which fell short of estimates, with earnings per share coming in at $0.03, beating the consensus estimate by $0.01.

Kornit Digital Ltd. (NASDAQ:KRNT - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $14.88, but opened at $14.15. Kornit Digital shares last traded at $14.67, with a volume of 4,614 shares.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Barclays set a $22.00 target price on Kornit Digital and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. Needham & Company LLC cut their price objective on Kornit Digital from $30.00 to $25.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $31.40.

Kornit Digital Trading Up 0.2%

The firm has a fifty day simple moving average of $17.24 and a two-hundred day simple moving average of $19.17. The firm has a market cap of $649.95 million, a PE ratio of -58.42 and a beta of 1.86.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The industrial products company reported $0.03 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.01. Kornit Digital had a negative return on equity of 0.74% and a negative net margin of 5.43%.The business had revenue of $49.75 million during the quarter, compared to analysts' expectations of $52.07 million. During the same quarter last year, the business posted $0.02 EPS. The business's revenue was up 2.5% on a year-over-year basis. Equities analysts expect that Kornit Digital Ltd. will post -0.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Oppenheimer Asset Management Inc. lifted its stake in shares of Kornit Digital by 3.2% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 52,953 shares of the industrial products company's stock valued at $1,010,000 after purchasing an additional 1,646 shares during the period. Artemis Investment Management LLP lifted its stake in shares of Kornit Digital by 5.0% in the 1st quarter. Artemis Investment Management LLP now owns 673,832 shares of the industrial products company's stock valued at $12,857,000 after purchasing an additional 31,924 shares during the period. Polar Asset Management Partners Inc. lifted its stake in shares of Kornit Digital by 21.7% in the 1st quarter. Polar Asset Management Partners Inc. now owns 584,460 shares of the industrial products company's stock valued at $11,151,000 after purchasing an additional 104,017 shares during the period. Acuitas Investments LLC bought a new position in Kornit Digital during the 1st quarter valued at approximately $695,000. Finally, Jump Financial LLC bought a new position in Kornit Digital during the 1st quarter valued at approximately $456,000. Hedge funds and other institutional investors own 92.76% of the company's stock.

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.