Kornit Digital (NASDAQ:KRNT) Shares Cross Above Fifty Day Moving Average - Should You Sell?

Key Points

• Kornit Digital shares moved above their 50-day moving average, trading as high as $17.46 and last at $16.84.
• The company reported quarterly EPS of $0.04, beating the ($0.01) consensus estimate, while revenue of $55.32 million exceeded expectations and rose 11.1% year over year.
• Analysts’ consensus rating is Hold, with an average price target of $21.00; insiders sold about 98,700 shares over the past 90 days.

Shares of Kornit Digital Ltd. (NASDAQ:KRNT - Get Free Report) passed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $16.79 and traded as high as $17.46. Kornit Digital shares last traded at $16.84, with a volume of 504,992 shares traded.

Analyst Upgrades and Downgrades

Several research firms have commented on KRNT. Needham & Company LLC boosted their price objective on Kornit Digital from $22.00 to $23.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. Morgan Stanley lifted their target price on shares of Kornit Digital from $18.00 to $19.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 13th. Zacks Research raised shares of Kornit Digital from a "strong sell" rating to a "hold" rating in a research report on Monday, August 24th. Finally, Weiss Ratings upgraded Kornit Digital from a "sell (e+)" rating to a "sell (d-)" rating in a report on Friday, October 2nd. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $21.00.

Kornit Digital Stock Performance

The business has a fifty day simple moving average of $16.79 and a 200-day simple moving average of $15.83. The stock has a market capitalization of $723.61 million, a P/E ratio of -35.08 and a beta of 1.79.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last released its quarterly earnings data on Wednesday, August 12th. The industrial products company reported $0.04 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $55.32 million for the quarter, compared to analysts' expectations of $52.80 million. During the same quarter last year, the business posted $0.03 earnings per share. The company's revenue for the quarter was up 11.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Kornit Digital Ltd. will post -0.23 earnings per share for the current year.

Insider Transactions at Kornit Digital

In related news, CTO Yaaqov Mann sold 57,108 shares of the firm's stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $17.27, for a total value of $986,255.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 98,731 shares of company stock worth $1,720,268. Corporate insiders own 0.21% of the company's stock.

Institutional Investors Weigh In On Kornit Digital

Several institutional investors have recently modified their holdings of the stock. Janus Henderson Group PLC raised its position in shares of Kornit Digital by 13.7% during the 1st quarter. Janus Henderson Group PLC now owns 793,194 shares of the industrial products company's stock valued at $11,628,000 after buying an additional 95,693 shares during the period. Wasatch Advisors LP lifted its position in shares of Kornit Digital by 145.9% in the 2nd quarter. Wasatch Advisors LP now owns 433,968 shares of the industrial products company's stock worth $7,052,000 after acquiring an additional 257,478 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in shares of Kornit Digital by 97.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 470,962 shares of the industrial products company's stock valued at $6,904,000 after buying an additional 232,808 shares during the period. American Capital Management Inc. bought a new stake in shares of Kornit Digital during the second quarter worth approximately $4,598,000. Finally, Renaissance Technologies LLC raised its position in Kornit Digital by 44.5% during the 1st quarter. Renaissance Technologies LLC now owns 91,500 shares of the industrial products company's stock worth $1,341,000 after purchasing an additional 28,200 shares during the last quarter. 92.76% of the stock is owned by institutional investors.

About Kornit Digital

Kornit Digital Ltd. NASDAQ: KRNT develops, manufactures and sells digital printing technologies for the textile, apparel and related industries. Its solutions are designed to support on-demand, short-run and mass-customized production while reducing the need for traditional screen-printing processes.

The company's product portfolio includes direct-to-garment printers for cotton and other finished apparel, direct-to-fabric systems for textiles, and digital printing solutions for home décor and related applications.

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