Kornit Digital (NASDAQ:KRNT) Stock Price Breaks Above 50 Day Moving Average – Should You Sell?

Kornit Digital Ltd. (NASDAQ:KRNT) 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

KRNT has been the subject of a number of recent analyst reports. Weiss Ratings raised Kornit Digital from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, October 2nd. Zacks Research upgraded shares of Kornit Digital from a “strong sell” rating to a “hold” rating in a research note on Monday, August 24th. Morgan Stanley raised their price target on shares of Kornit Digital from $18.00 to $19.00 and gave the company an “equal weight” rating in a report on Thursday, August 13th. Finally, 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 note on Wednesday, August 12th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $21.00.

Kornit Digital Stock Performance

The firm has a fifty day moving average price of $16.79 and a two-hundred day moving average price of $15.83. The stock has a market capitalization of $723.56 million, a P/E ratio of -35.08 and a beta of 1.79.

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

Insiders Place Their Bets

In other Kornit Digital news, CTO Yaaqov Mann sold 57,108 shares of the firm’s stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $17.27, for a total value of $986,255.16. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 98,731 shares of company stock valued at $1,720,268 over the last 90 days. 0.21% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Kornit Digital

Several hedge funds and other institutional investors have recently made changes to their positions in KRNT. Wasatch Advisors LP increased its holdings in Kornit Digital by 145.9% during the second quarter. Wasatch Advisors LP now owns 433,968 shares of the industrial products company’s stock valued at $7,052,000 after buying an additional 257,478 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in Kornit Digital by 97.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 470,962 shares of the industrial products company’s stock worth $6,904,000 after acquiring an additional 232,808 shares during the period. Janus Henderson Group PLC raised its position in Kornit Digital by 13.7% in the first quarter. Janus Henderson Group PLC now owns 793,194 shares of the industrial products company’s stock worth $11,628,000 after acquiring an additional 95,693 shares during the period. American Capital Management Inc. bought a new position in Kornit Digital in the second quarter worth approximately $4,598,000. Finally, Renaissance Technologies LLC boosted its stake in shares of 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 acquiring an additional 28,200 shares during the last quarter. Hedge funds and other institutional investors own 92.76% of the company’s stock.

Kornit Digital Company Profile

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.