Kornit Digital (NASDAQ:KRNT) Shares Gap Up to $18.22

Shares of Kornit Digital Ltd. (NASDAQ:KRNT) gapped up prior to trading on Tuesday . The stock had previously closed at $18.22, but opened at $18.79. Kornit Digital shares last traded at $19.81, with a volume of 74,863 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Craig Hallum raised their target price on Kornit Digital from $23.00 to $27.00 and gave the company a “buy” rating in a report on Wednesday. StockNews.com raised shares of Kornit Digital from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $27.00 price target on shares of Kornit Digital in a report on Thursday, August 8th.

Kornit Digital Trading Up 3.5 %

The business has a 50 day simple moving average of $16.89 and a two-hundred day simple moving average of $16.34. The stock has a market cap of $1.08 billion, a price-to-earnings ratio of -18.57 and a beta of 1.90.

Kornit Digital (NASDAQ:KRNT) last posted its quarterly earnings results on Wednesday, August 7th. The industrial products company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.03. The firm had revenue of $48.62 million for the quarter, compared to analysts’ expectations of $50.24 million. Kornit Digital had a negative net margin of 23.63% and a negative return on equity of 3.22%. The firm’s quarterly revenue was down 13.5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.28) earnings per share. Research analysts anticipate that Kornit Digital Ltd. will post -0.28 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Wasatch Advisors LP raised its position in shares of Kornit Digital by 6.7% during the 1st quarter. Wasatch Advisors LP now owns 1,810,302 shares of the industrial products company’s stock valued at $32,803,000 after acquiring an additional 114,372 shares in the last quarter. Tidal Investments LLC acquired a new stake in shares of Kornit Digital during the first quarter worth $664,000. William Blair Investment Management LLC lifted its position in shares of Kornit Digital by 4.0% in the 1st quarter. William Blair Investment Management LLC now owns 931,706 shares of the industrial products company’s stock worth $16,883,000 after buying an additional 35,930 shares during the last quarter. Harbor Capital Advisors Inc. lifted its position in shares of Kornit Digital by 217.0% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 80,466 shares of the industrial products company’s stock worth $1,178,000 after buying an additional 55,086 shares during the last quarter. Finally, Inflection Point Investments LLP acquired a new position in shares of Kornit Digital in the 4th quarter valued at about $17,014,000. Institutional investors own 92.76% of the company’s stock.

About Kornit Digital

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.