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

Kornit Digital Ltd. (NASDAQ:KRNT) shares gapped up prior to trading on Wednesday . The stock had previously closed at $14.24, but opened at $15.52. Kornit Digital shares last traded at $16.6290, with a volume of 163,560 shares.

Wall Street Analysts Forecast Growth

KRNT has been the topic of several research reports. Cantor Fitzgerald dropped their target price on Kornit Digital from $28.50 to $26.00 and set an “overweight” rating on the stock in a research report on Thursday, November 6th. Needham & Company LLC lowered their price objective on shares of Kornit Digital from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, November 6th. Morgan Stanley restated an “equal weight” rating and set a $15.00 target price (down from $20.00) on shares of Kornit Digital in a research report on Thursday, November 6th. Barclays reduced their target price on shares of Kornit Digital from $22.00 to $18.00 and set an “equal weight” rating for the company in a report on Thursday, November 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Kornit Digital in a research report on Friday, December 26th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $19.75.

Kornit Digital Price Performance

The stock’s 50-day simple moving average is $14.14 and its two-hundred day simple moving average is $14.40. The firm has a market capitalization of $759.86 million, a P/E ratio of -58.42 and a beta of 1.87.

Kornit Digital declared that its Board of Directors has authorized a stock repurchase program on Monday, November 17th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the industrial products company to buy up to 17.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Kornit Digital

A number of institutional investors have recently added to or reduced their stakes in the stock. Medina Value Partners LLC purchased a new position in shares of Kornit Digital in the third quarter worth $12,732,000. Dudley & Shanley Inc. increased its holdings in Kornit Digital by 97.5% in the 3rd quarter. Dudley & Shanley Inc. now owns 1,258,895 shares of the industrial products company’s stock valued at $16,995,000 after acquiring an additional 621,595 shares during the last quarter. Hood River Capital Management LLC lifted its stake in Kornit Digital by 39.1% in the 2nd quarter. Hood River Capital Management LLC now owns 2,182,569 shares of the industrial products company’s stock worth $43,455,000 after purchasing an additional 613,070 shares in the last quarter. Baillie Gifford & Co. lifted its stake in Kornit Digital by 61.7% in the 4th quarter. Baillie Gifford & Co. now owns 1,565,079 shares of the industrial products company’s stock worth $22,506,000 after purchasing an additional 597,128 shares in the last quarter. Finally, Thompson Investment Management Inc. boosted its holdings in shares of Kornit Digital by 169.5% during the 3rd quarter. Thompson Investment Management Inc. now owns 789,761 shares of the industrial products company’s stock valued at $10,662,000 after purchasing an additional 496,754 shares during the last quarter. 92.76% of the stock is owned by hedge funds and other institutional investors.

Kornit Digital Company Profile

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.