Market Overview

Kornit Digital Sharply Lower After Reduced Sales Guidance


Kornit Digital Ltd (NASDAQ: KRNT) shares are trading lower by $3.35 (19 percent) at $13.80 in Wednesday's session.

After Tuesday's close, the company announced preliminary Q3 results, which included reducing its sales outlook from $34 million-$38 million to $27 million-$28.5 million range compared to a $36.13 million estimate.

After a much lower open, Kornit continued in that direction until finally bottoming at $12.85 and reversing course. That low coincides with its January 10 low of $13.00. The rebound off that low enabled the stock to make a new high for the session at $14.30 . However, it retreated from that high and is now struggling to remain in the $14.00 handle.

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