Kornit Digital (NASDAQ:KRNT) Shares Gap Up – Still a Buy?

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

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

Kornit Digital Price Performance

The stock has a market cap of $759.86 million, a PE ratio of -58.42 and a beta of 1.87. The company has a 50 day moving average price of $14.14 and a two-hundred day moving average price of $14.40.

Kornit Digital declared that its board has initiated a stock buyback plan on Monday, November 17th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to reacquire up to 17.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Institutional Trading of Kornit Digital

A number of large investors have recently made changes to their positions in the stock. Raymond James Financial Inc. bought a new position in Kornit Digital during the second quarter valued at approximately $31,000. State of Tennessee Department of Treasury bought a new stake in Kornit Digital in the 2nd quarter worth approximately $35,000. CIBC Private Wealth Group LLC raised 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 valued at $26,000 after buying an additional 1,795 shares during the last quarter. Johnson Financial Group Inc. bought a new position in shares of Kornit Digital during the 3rd quarter valued at $27,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Kornit Digital by 1.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 117,800 shares of the industrial products company’s stock valued at $2,248,000 after buying an additional 2,105 shares during the period. 92.76% of the stock is currently owned by 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.