Kornit Digital (NASDAQ:KRNT) Stock Crosses Above Fifty Day Moving Average - Time to Sell?

Key Points

• Kornit Digital shares crossed above their 50-day moving average, trading as high as $16.92 and last changing hands at $16.77, compared with a 50-day average of $16.12.
• Analyst sentiment is mixed: Morgan Stanley maintained an “equal weight” rating, Needham reiterated “buy,” while Weiss Ratings and Zacks issued sell-oriented downgrades. The consensus rating is “Hold”, with an average price target of $21.50.
• Kornit exceeded quarterly expectations, reporting $0.04 EPS versus a projected loss of $0.01 and revenue of $55.32 million versus $52.80 million expected; revenue rose 11.1% year over year, though the company remains unprofitable.

Kornit Digital Ltd. (NASDAQ:KRNT - Get Free Report) shares crossed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $16.12 and traded as high as $16.92. Kornit Digital shares last traded at $16.77, with a volume of 310,625 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Morgan Stanley boosted their target price on Kornit Digital from $18.00 to $19.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 13th. Needham & Company LLC boosted their price objective on shares of Kornit Digital from $22.00 to $23.00 and gave the company a "buy" rating in a report on Wednesday, August 12th. Weiss Ratings cut shares of Kornit Digital from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Wednesday, August 12th. Finally, Zacks Research downgraded shares of Kornit Digital from a "hold" rating to a "strong sell" rating in a report on Thursday, July 30th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, Kornit Digital currently has an average rating of "Hold" and a consensus price target of $21.50.

Kornit Digital Price Performance

The stock has a market capitalization of $720.61 million, a PE ratio of -34.94 and a beta of 1.72. The stock's fifty day moving average is $16.12 and its 200-day moving average is $15.60.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last released its quarterly earnings results on Wednesday, August 12th. The industrial products company reported $0.04 earnings per share for the quarter, topping analysts' consensus estimates of ($0.01) by $0.05. The company had revenue of $55.32 million during the quarter, compared to analysts' expectations of $52.80 million. Kornit Digital had a negative return on equity of 1.00% and a negative net margin of 9.42%.Kornit Digital's quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.03 EPS. On average, analysts forecast that Kornit Digital Ltd. will post -0.27 EPS for the current year.

Institutional Investors Weigh In On Kornit Digital

A number of large investors have recently modified their holdings of the business. Van ECK Associates Corp boosted its position in Kornit Digital by 6.9% during the fourth quarter. Van ECK Associates Corp now owns 12,742 shares of the industrial products company's stock worth $183,000 after acquiring an additional 820 shares during the last quarter. Lone Peak Global Investors LLC grew its holdings in Kornit Digital by 2.6% in the 2nd quarter. Lone Peak Global Investors LLC now owns 36,069 shares of the industrial products company's stock valued at $586,000 after buying an additional 908 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in Kornit Digital by 11.9% in the 4th quarter. Public Employees Retirement System of Ohio now owns 12,200 shares of the industrial products company's stock valued at $175,000 after buying an additional 1,300 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Kornit Digital in the 2nd quarter worth $31,000. Finally, State of Tennessee Department of Treasury acquired a new stake in shares of Kornit Digital in the 2nd quarter worth $35,000. Hedge funds and other institutional investors own 92.76% of the company's stock.

Kornit Digital Company Profile

Kornit Digital Ltd. NASDAQ: KRNT is a global technology company specializing in digital textile printing solutions. Headquartered in Rosh Ha'Ayin, Israel, Kornit develops and manufactures an integrated ecosystem of industrial inkjet printers, proprietary NeoPigment inks and pretreatment systems. Its product portfolio addresses a range of applications including direct-to-garment, direct-to-fabric, digital embellishment and hybrid manufacturing, enabling businesses to produce custom apparel, sportswear, fashion and home textiles on demand.

The company's flagship offerings include the Avalanche and Atlas series for high-volume production, as well as the Storm and Helix lines designed for mid-to-large scale operations.

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