Kornit Digital (NASDAQ:KRNT) Stock Crosses Below Fifty Day Moving Average - Here's What Happened

Kornit Digital Ltd. (NASDAQ:KRNT - Get Free Report)'s share price passed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $13.56 and traded as low as $13.45. Kornit Digital shares last traded at $13.48, with a volume of 380,608 shares traded.Get Kornit Digital alerts:Wall Street Analysts Forecast GrowthThe Sell-Off In Kornit Digital May Set Up A 2nd Half OpportunityA number of research firms recently issued reports on KRNT. Weiss Ratings reiterated a "sell (e+)" rating on shares of Kornit Digital in a report on Wednesday, October 8th. Cantor Fitzgerald cut their price target on 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 reiterated an "equal weight" rating and issued a $15.00 price objective (down previously from $20.00) on shares of Kornit Digital in a research note on Thursday, November 6th. Barclays lowered their price objective on Kornit Digital from $22.00 to $18.00 and set an "equal weight" rating for the company in a research report on Thursday, November 6th. Finally, Needham & Company LLC reduced their target price on shares of Kornit Digital from $25.00 to $20.00 and set a "buy" rating on the stock in a report on Thursday, November 6th. Two investment 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 MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $19.75.Get Our Latest Report on KRNTKornit Digital Stock PerformanceThe firm has a market capitalization of $603.77 million, a price-to-earnings ratio of -46.48 and a beta of 1.87. The company has a 50-day moving average price of $13.56 and a 200-day moving average price of $16.19. Kornit Digital declared that its Board of Directors has initiated a share buyback plan on Monday, November 17th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the industrial products company to repurchase up to 17.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's leadership believes its stock is undervalued. Institutional Trading of Kornit DigitalSeveral institutional investors have recently modified their holdings of KRNT. Medina Value Partners LLC purchased a new stake in Kornit Digital in the 3rd quarter valued at $12,732,000. Dudley & Shanley Inc. increased its stake in Kornit Digital by 97.5% in the third quarter. Dudley & Shanley Inc. now owns 1,258,895 shares of the industrial products company's stock valued at $16,995,000 after purchasing an additional 621,595 shares during the period. Hood River Capital Management LLC raised its holdings in shares of Kornit Digital by 39.1% in the second quarter. Hood River Capital Management LLC now owns 2,182,569 shares of the industrial products company's stock valued at $43,455,000 after buying an additional 613,070 shares during the last quarter. Thompson Investment Management Inc. raised its holdings in shares of Kornit Digital by 169.5% in the third quarter. Thompson Investment Management Inc. now owns 789,761 shares of the industrial products company's stock valued at $10,662,000 after buying an additional 496,754 shares during the last quarter. Finally, Invenomic Capital Management LP acquired a new stake in shares of Kornit Digital during the third quarter worth about $6,356,000. Hedge funds and other institutional investors own 92.76% of the company's stock. Kornit Digital Company Profile (Get Free Report)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.Featured ArticlesFive stocks we like better than Kornit Digital3 Home Improvement Stocks that Can Upgrade Your PortfolioPost 35% Surge, Analysts Eye More Upside in Copper Giant FreeportRoth IRA Calculator: Calculate Your Potential ReturnsWhy a SpaceX IPO Could Be a Major Catalyst for GOOGL StockTop Biotech Stocks: Exploring Innovation OpportunitiesCan Upwork Maintain Its Comeback? Reasons to Be Bullish and BearishThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in Kornit Digital Right Now?Before you consider Kornit Digital, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Kornit Digital wasn't on the list.While Kornit Digital currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here