Kornit Digital (NASDAQ:KRNT) Share Price Breaks Below Fifty Day Moving Average – Should You Sell?

Kornit Digital Ltd. (NASDAQ:KRNT)’s share price crossed below its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $16.69 and traded as low as $16.65. Kornit Digital shares last traded at $17.48, with a volume of 221,693 shares traded.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on KRNT. Morgan Stanley boosted their target price on shares of Kornit Digital from $18.00 to $19.00 and gave the company an “equal weight” rating in a research note on Thursday, August 13th. Weiss Ratings raised shares of Kornit Digital from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 2nd. Zacks Research raised shares of Kornit Digital from a “strong sell” rating to a “hold” rating in a research note on Monday, August 24th. 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 report on Wednesday, August 12th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Kornit Digital presently has an average rating of “Hold” and a consensus target price of $21.50.

Kornit Digital Stock Performance

The company has a market cap of $762.23 million, a PE ratio of -36.96 and a beta of 1.85. The firm has a fifty day simple moving average of $16.69 and a 200 day simple moving average of $16.11.

Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings data on Wednesday, August 12th. The industrial products company reported $0.04 earnings per share for the quarter, topping 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 business had revenue of $55.32 million for the quarter, compared to analyst estimates of $52.80 million. During the same period in the prior year, the firm posted $0.03 EPS. The company’s revenue was up 11.1% on a year-over-year basis. As a group, equities analysts predict that Kornit Digital Ltd. will post -0.23 EPS for the current fiscal year.

Insider Buying and Selling

In other Kornit Digital news, CTO Yaaqov Mann sold 57,108 shares of the stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $17.27, for a total transaction of $986,255.16. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 98,731 shares of company stock worth $1,720,268 over the last ninety days. Corporate insiders own 0.21% of the company’s stock.

Institutional Trading of Kornit Digital

Institutional investors have recently made changes to their positions in the stock. Lone Peak Global Investors LLC lifted its stake in shares of Kornit Digital by 2.6% in the 2nd quarter. Lone Peak Global Investors LLC now owns 36,069 shares of the industrial products company’s stock valued at $586,000 after purchasing an additional 908 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Kornit Digital during the 2nd quarter worth about $224,000. Amundi purchased a new stake in shares of Kornit Digital during the 1st quarter worth about $214,000. Engineers Gate Manager LP acquired a new stake in Kornit Digital during the 2nd quarter worth approximately $300,000. Finally, Renaissance Technologies LLC increased 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 in the last quarter. 92.76% of the stock is owned by hedge funds and other institutional investors.

About Kornit Digital

Kornit Digital Ltd. (NASDAQ: KRNT) develops and manufactures digital printing systems, inks, software and related solutions for the textile, apparel and other printed-product markets. Its technologies are designed to enable on-demand, short-run and customized production, helping manufacturers and brands reduce reliance on traditional screen-printing and other analog processes.

The company’s product portfolio includes direct-to-garment, direct-to-fabric and digital decoration systems, as well as proprietary inks, workflow software and technical services.