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 stock in a transaction that occurred on Monday, October 5th. The stock was sold at an average price of $17.66, for a total value of $705,658.28. Following the completion of the sale, the chief technology officer owned 1,195 shares in the company, valued at approximately $21,103.70. The trade was a 97.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at 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 Stock Performance

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

Kornit Digital (NASDAQ:KRNT) last released its earnings results on Wednesday, August 12th. The industrial products company reported $0.04 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.05. The business had revenue of $55.32 million during the quarter, compared to the consensus estimate 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 revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period last year, the company earned $0.03 earnings per share. On average, equities research analysts forecast that Kornit Digital Ltd. will post -0.23 EPS for the current fiscal year.

Hedge Funds Weigh In On Kornit Digital

Hedge funds and other institutional investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio bought a new position in shares of Kornit Digital during the second quarter valued at approximately $224,000. Amundi bought a new position in Kornit Digital in the first quarter worth approximately $214,000. Engineers Gate Manager LP bought a new position in Kornit Digital in the second quarter worth approximately $300,000. Clifford Capital Partners LLC lifted its holdings in Kornit Digital by 29.7% during the fourth quarter. Clifford Capital Partners LLC now owns 30,588 shares of the industrial products company’s stock worth $440,000 after buying an additional 7,007 shares during the period. Finally, Lone Peak Global Investors LLC boosted its position in Kornit Digital by 2.6% during the 2nd quarter. Lone Peak Global Investors LLC now owns 36,069 shares of the industrial products company’s stock valued at $586,000 after acquiring an additional 908 shares in the last quarter. 92.76% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on KRNT shares. Weiss Ratings raised shares of Kornit Digital from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday. Morgan Stanley upped their target price on Kornit Digital from $18.00 to $19.00 and gave the stock an “equal weight” rating in a report on Thursday, August 13th. Needham & Company LLC increased their price target on Kornit Digital from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. Finally, Zacks Research upgraded Kornit Digital from a “strong sell” rating to a “hold” rating in a research note on Monday, August 24th. 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, Kornit Digital presently has an average rating of “Hold” and an average price target 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.