Kornit Digital (NASDAQ:KRNT) Shares Gap Up – Here’s What Happened

Kornit Digital Ltd. (NASDAQ:KRNT) gapped up before the market opened on Wednesday . The stock had previously closed at $14.09, but opened at $15.60. Kornit Digital shares last traded at $14.1960, with a volume of 7,325 shares trading hands.

Analyst Ratings Changes

A number of research firms have weighed in on KRNT. Needham & Company LLC lifted their price objective on Kornit Digital from $20.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Morgan Stanley reiterated a “positive” rating and set a $17.00 price objective on shares of Kornit Digital in a research note on Wednesday, February 11th. Wall Street Zen upgraded Kornit Digital from a “sell” rating to a “hold” rating in a research note on Sunday, April 12th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Kornit Digital in a research note on Wednesday, March 25th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $20.75.

Kornit Digital Stock Performance

The company has a 50 day moving average of $15.27 and a two-hundred day moving average of $14.55. The stock has a market cap of $637.66 million, a PE ratio of -36.51 and a beta of 1.76.

Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings results on Wednesday, May 13th. The industrial products company reported ($0.01) earnings per share for the quarter, meeting the consensus estimate of ($0.01). Kornit Digital had a negative return on equity of 1.15% and a negative net margin of 7.93%.The firm had revenue of $48.54 million during the quarter, compared to analyst estimates of $46.67 million. During the same quarter in the previous year, the business earned $0.01 EPS. Kornit Digital’s revenue for the quarter was up 4.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Kornit Digital Ltd. will post -0.17 EPS for the current year.

Hedge Funds Weigh In On Kornit Digital

Several institutional investors and hedge funds have recently modified their holdings of the business. Raymond James Financial Inc. purchased a new stake in Kornit Digital during the 2nd quarter worth approximately $31,000. State of Tennessee Department of Treasury purchased a new stake in Kornit Digital during the 2nd quarter worth approximately $35,000. CIBC Private Wealth Group LLC increased its stake in Kornit Digital by 1,359.8% during the 3rd 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. purchased a new stake in Kornit Digital during the 3rd quarter worth approximately $27,000. Finally, Headlands Technologies LLC increased its stake in Kornit Digital by 84.5% during the 2nd quarter. Headlands Technologies LLC now owns 9,807 shares of the industrial products company’s stock worth $195,000 after buying an additional 4,491 shares in the last quarter. Hedge funds and other institutional investors own 92.76% of the company’s stock.

About Kornit Digital

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.