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

Kornit Digital Ltd. (NASDAQ:KRNT)’s share price gapped up before the market opened 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.

Analyst Upgrades and Downgrades

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

Kornit Digital Price Performance

The company has a market cap of $1.08 billion, a P/E ratio of -18.57 and a beta of 1.90. The stock has a fifty day moving average price of $16.89 and a two-hundred day moving average price of $16.34.

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

Institutional Trading of Kornit Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Headlands Technologies LLC raised its holdings in Kornit Digital by 97.9% during the first quarter. Headlands Technologies LLC now owns 2,076 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 1,027 shares in the last quarter. nVerses Capital LLC acquired a new stake in shares of Kornit Digital in the second quarter valued at $40,000. Signaturefd LLC boosted its stake in Kornit Digital by 29.4% during the second quarter. Signaturefd LLC now owns 3,428 shares of the industrial products company’s stock valued at $50,000 after buying an additional 779 shares in the last quarter. Privium Fund Management B.V. acquired a new position in Kornit Digital during the second quarter worth about $159,000. Finally, Bank of New York Mellon Corp lifted its holdings in Kornit Digital by 8.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 16,029 shares of the industrial products company’s stock valued at $235,000 after acquiring an additional 1,184 shares during the last quarter. 92.76% of the stock is currently owned by institutional investors.

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.