Insider Selling: Kornit Digital (NASDAQ:KRNT) CTO Sells $986,255.16 in Stock

Kornit Digital Ltd. (NASDAQ:KRNT) CTO Yaaqov Mann sold 57,108 shares of the stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $17.27, for a total transaction of $986,255.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 shares were sold at an average price of $17.66, for a total transaction of $705,658.28.

Kornit Digital Price Performance

Shares of NASDAQ:KRNT traded down $0.08 during midday trading on Tuesday, hitting $18.15. The company had a trading volume of 376,510 shares, compared to its average volume of 309,664. Kornit Digital Ltd. has a 12-month low of $11.93 and a 12-month high of $19.78. The company has a fifty day moving average of $16.35 and a two-hundred day moving average of $15.85. The company has a market cap of $779.85 million, a price-to-earnings ratio of -37.81 and a beta of 1.85.

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

Hedge Funds Weigh In On Kornit Digital

Several hedge funds have recently modified their holdings of KRNT. Tidal Investments LLC boosted its holdings in shares of Kornit Digital by 78.3% during the 2nd quarter. Tidal Investments LLC now owns 68,838 shares of the industrial products company’s stock valued at $1,119,000 after purchasing an additional 30,233 shares during the last quarter. Engineers Gate Manager LP bought a new stake in shares of Kornit Digital in the second quarter worth about $300,000. Lone Peak Global Investors LLC increased its holdings in shares of Kornit Digital by 2.6% in the second quarter. Lone Peak Global Investors LLC now owns 36,069 shares of the industrial products company’s stock worth $586,000 after purchasing an additional 908 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Kornit Digital in the second quarter worth about $224,000. Finally, American Capital Management Inc. purchased a new stake in shares of Kornit Digital in the second quarter worth about $4,598,000. Hedge funds and other institutional investors own 92.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on KRNT. Weiss Ratings upgraded shares of Kornit Digital from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday. 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 increased their price objective on shares of Kornit Digital from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 13th. Finally, Needham & Company LLC raised their price objective on shares of Kornit Digital from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Kornit Digital currently has an average rating of “Hold” and a consensus 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.