Kornit Digital (NASDAQ:KRNT) Share Price Passes Below 50 Day Moving Average - Here's Why

Key Points

• Kornit Digital shares fell below their 50-day moving average, trading as low as $15.84 versus the $16.17 average, with the latest price at $15.89.
• Analysts have a consensus “Hold” rating and an average price target of $21.50. Recent targets range from $19 at Morgan Stanley to $23 at Needham, while ratings span Buy, Hold and Sell.
• The company exceeded quarterly expectations, reporting $0.04 earnings per share and $55.32 million in revenue, up 11.1% year over year. However, Kornit remained unprofitable, with a negative net margin of 9.42%, and institutional investors own 92.76% of the stock.

Kornit Digital Ltd. (NASDAQ:KRNT - Get Free Report) passed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $16.17 and traded as low as $15.84. Kornit Digital shares last traded at $15.89, with a volume of 240,994 shares trading hands.

Wall Street Analyst Weigh In

KRNT has been the subject of several research analyst reports. Morgan Stanley upped their price objective on Kornit Digital from $18.00 to $19.00 and gave the company an "equal weight" rating in a report on Thursday, August 13th. Weiss Ratings upgraded shares of Kornit Digital from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, August 27th. Needham & Company LLC lifted their price target on shares of Kornit Digital from $22.00 to $23.00 and gave the stock a "buy" rating in a research report on Wednesday, August 12th. Finally, Zacks Research raised Kornit Digital from a "strong sell" rating to a "hold" rating in a research note on Monday, August 24th. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $21.50.

Kornit Digital Stock Performance

The firm's 50 day simple moving average is $16.17 and its 200-day simple moving average is $15.74. The company has a market capitalization of $682.79 million, a price-to-earnings ratio of -33.10 and a beta of 1.74.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 12th. The industrial products company reported $0.04 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.05. Kornit Digital had a negative net margin of 9.42% and a negative return on equity of 1.00%. The business had revenue of $55.32 million during the quarter, compared to analysts' expectations of $52.80 million. During the same period last year, the company posted $0.03 earnings per share. The firm's quarterly revenue was up 11.1% compared to the same quarter last year. As a group, equities analysts anticipate that Kornit Digital Ltd. will post -0.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in KRNT. CIBC Private Wealth Group LLC boosted its stake in Kornit Digital by 1,359.8% during the third quarter. CIBC Private Wealth Group LLC now owns 1,927 shares of the industrial products company's stock worth $26,000 after buying an additional 1,795 shares in the last quarter. Johnson Financial Group Inc. acquired a new stake in shares of Kornit Digital during the 3rd quarter valued at about $27,000. Raymond James Financial Inc. bought a new stake in Kornit Digital in the second quarter valued at about $31,000. State of Tennessee Department of Treasury acquired a new position in Kornit Digital in the second quarter worth about $35,000. Finally, Quadrature Capital Ltd bought a new position in Kornit Digital during the fourth quarter worth about $144,000. 92.76% of the stock is owned by institutional investors.

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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