Kornit Digital (NASDAQ:KRNT) Shares Gap Down to $16.67

Shares of Kornit Digital Ltd. (NASDAQ:KRNT - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $16.67, but opened at $15.61. Kornit Digital shares last traded at $16.14, with a volume of 25,293 shares traded.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded Kornit Digital from a "hold" rating to a "sell" rating in a research report on Sunday.

Kornit Digital Trading Down 8.9 %

The business has a fifty day moving average of $16.89 and a 200-day moving average of $17.32. The firm has a market cap of $724.69 million, a PE ratio of -11.50 and a beta of 1.88.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last posted its quarterly earnings data on Wednesday, February 14th. The industrial products company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.08. The company had revenue of $56.59 million for the quarter, compared to analysts' expectations of $57.35 million. Kornit Digital had a negative net margin of 29.28% and a negative return on equity of 5.05%. On average, equities analysts forecast that Kornit Digital Ltd. will post -0.28 EPS for the current year.

Hedge Funds Weigh In On Kornit Digital

Several hedge funds and other institutional investors have recently modified their holdings of KRNT. Raymond James & Associates increased its stake in Kornit Digital by 16.0% during the 3rd quarter. Raymond James & Associates now owns 18,411 shares of the industrial products company's stock valued at $348,000 after purchasing an additional 2,538 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of Kornit Digital by 44.3% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 26,469 shares of the industrial products company's stock worth $501,000 after acquiring an additional 8,122 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Kornit Digital by 22.4% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,758 shares of the industrial products company's stock valued at $222,000 after purchasing an additional 2,150 shares during the last quarter. Thompson Investment Management Inc. increased its stake in Kornit Digital by 4.3% in the 3rd quarter. Thompson Investment Management Inc. now owns 337,682 shares of the industrial products company's stock worth $6,386,000 after acquiring an additional 13,877 shares during the last quarter. Finally, Y.D. More Investments Ltd bought a new stake in Kornit Digital in the third quarter worth $2,816,000. 92.76% of the stock is owned by institutional investors.

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.