Insider Selling: Kornit Digital (NASDAQ:KRNT) CTO Sells 39,958 Shares of Stock

Kornit Digital Ltd. (NASDAQ:KRNT) CTO Yaaqov Mann sold 39,958 shares of the firm’s stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $17.66, for a total value of $705,658.28. Following the sale, the chief technology officer directly owned 1,195 shares in the company, valued at approximately $21,103.70. The trade was a 97.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Yaaqov Mann also recently made the following trade(s):

• On Friday, October 2nd, Yaaqov Mann sold 57,108 shares of Kornit Digital stock. The shares were sold at an average price of $17.27, for a total value of $986,255.16.

Kornit Digital Price Performance

Kornit Digital stock traded down $0.08 during trading hours on Tuesday, reaching $18.15. The stock had a trading volume of 376,510 shares, compared to its average volume of 309,664. The company has a market cap of $779.85 million, a price-to-earnings ratio of -37.81 and a beta of 1.85. The business’s 50 day moving average price is $16.35 and its 200-day moving average price is $15.85. Kornit Digital Ltd. has a 52 week low of $11.93 and a 52 week high of $19.78.

Kornit Digital (NASDAQ:KRNT) last released its quarterly earnings results on Wednesday, August 12th. The industrial products company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $52.80 million. During the same period last year, the business earned $0.03 EPS. The company’s revenue was up 11.1% compared to the same quarter last year. On average, sell-side analysts forecast that Kornit Digital Ltd. will post -0.23 EPS for the current fiscal year.

Institutional Trading of Kornit Digital

Institutional investors have recently bought and sold shares of the stock. Granahan Investment Management LLC boosted its stake in Kornit Digital by 31.4% in the 4th quarter. Granahan Investment Management LLC now owns 2,569,663 shares of the industrial products company’s stock worth $36,952,000 after purchasing an additional 614,513 shares in the last quarter. Invenomic Capital Management LP increased its stake in Kornit Digital by 196.9% during the 4th quarter. Invenomic Capital Management LP now owns 1,397,950 shares of the industrial products company’s stock valued at $20,103,000 after purchasing an additional 927,169 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of Kornit Digital by 185.2% in the first quarter. Assenagon Asset Management S.A. now owns 1,292,586 shares of the industrial products company’s stock worth $18,949,000 after buying an additional 839,336 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of Kornit Digital by 13.7% in the first quarter. Janus Henderson Group PLC now owns 793,194 shares of the industrial products company’s stock worth $11,628,000 after buying an additional 95,693 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Kornit Digital by 97.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 470,962 shares of the industrial products company’s stock worth $6,904,000 after buying an additional 232,808 shares during the period. 92.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on KRNT shares. Zacks Research raised shares of Kornit Digital from a “strong sell” rating to a “hold” rating in a report on Monday, August 24th. Weiss Ratings upgraded Kornit Digital from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday. Morgan Stanley raised their price objective on Kornit Digital from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 13th. Finally, Needham & Company LLC boosted their target price on Kornit Digital from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $21.50.

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.