Insider Selling: Kornit Digital (NASDAQ:KRNT) CTO Sells 1,665 Shares of Company Stock

Kornit Digital Ltd. (NASDAQ:KRNT) CTO Yaaqov Mann sold 1,665 shares of the stock in a transaction that occurred on Friday, October 16th. The stock was sold at an average price of $17.03, for a total transaction of $28,354.95. Following the completion of the sale, the chief technology officer directly owned 46,722 shares of the company’s stock, valued at $795,675.66. This represents a 3.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Monday, October 5th, Yaaqov Mann sold 39,958 shares of Kornit Digital stock. The stock was sold at an average price of $17.66, for a total transaction of $705,658.28.
• On Friday, October 2nd, Yaaqov Mann sold 57,108 shares of Kornit Digital stock. The stock was sold at an average price of $17.27, for a total transaction of $986,255.16.

Kornit Digital Stock Performance

Shares of NASDAQ KRNT traded up $0.07 during midday trading on Tuesday, reaching $17.55. The stock had a trading volume of 127,327 shares, compared to its average volume of 311,183. The company has a market capitalization of $754.12 million, a price-to-earnings ratio of -36.56 and a beta of 1.85. Kornit Digital Ltd. has a 12-month low of $11.93 and a 12-month high of $19.78. The stock has a 50-day moving average of $16.69 and a 200-day moving average of $16.07.

Kornit Digital (NASDAQ:KRNT) last posted its quarterly earnings results on Wednesday, August 12th. The industrial products company reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.05. The business had revenue of $55.32 million for the quarter, compared to analysts’ expectations of $52.80 million. Kornit Digital had a negative return on equity of 1.00% and a negative net margin of 9.42%. The business’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period last year, the firm earned $0.03 earnings per share. As a group, analysts forecast that Kornit Digital Ltd. will post -0.23 EPS for the current fiscal year.

Hedge Funds Weigh In On Kornit Digital

Several hedge funds have recently added to or reduced their stakes in KRNT. Wasatch Advisors LP grew its stake in shares of Kornit Digital by 145.9% during the second quarter. Wasatch Advisors LP now owns 433,968 shares of the industrial products company’s stock valued at $7,052,000 after buying an additional 257,478 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Kornit Digital by 97.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 470,962 shares of the industrial products company’s stock worth $6,904,000 after acquiring an additional 232,808 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of Kornit Digital by 13.7% during the 1st quarter. Janus Henderson Group PLC now owns 793,194 shares of the industrial products company’s stock worth $11,628,000 after acquiring an additional 95,693 shares during the last quarter. American Capital Management Inc. purchased a new position in Kornit Digital during the 2nd quarter valued at $4,598,000. Finally, Assenagon Asset Management S.A. boosted its holdings in Kornit Digital by 185.2% during the 1st quarter. Assenagon Asset Management S.A. now owns 1,292,586 shares of the industrial products company’s stock valued at $18,949,000 after acquiring an additional 839,336 shares during the period. 92.76% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on KRNT. Zacks Research upgraded shares of Kornit Digital from a “strong sell” rating to a “hold” rating in a research report on Monday, August 24th. Morgan Stanley upped their target price on shares of Kornit Digital from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 13th. Weiss Ratings raised shares of Kornit Digital from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 2nd. Finally, Needham & Company LLC boosted their price target on shares of Kornit Digital from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $21.50.

Kornit Digital Company Profile

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.