Insider Selling: Kornit Digital (NASDAQ:KRNT) CTO Sells $705,658.28 in Stock

Kornit Digital Ltd. (NASDAQ:KRNT) CTO Yaaqov Mann sold 39,958 shares of the company’s stock in a transaction on Monday, October 5th. The shares were sold at an average price of $17.66, for a total transaction of $705,658.28. Following the completion of the transaction, the chief technology officer owned 1,195 shares of the company’s stock, valued at $21,103.70. This trade represents a 97.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible 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 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 transaction of $986,255.16.

Kornit Digital Price Performance

Kornit Digital stock opened at $18.16 on Friday. Kornit Digital Ltd. has a 12-month low of $11.93 and a 12-month high of $19.78. The company has a market capitalization of $780.28 million, a price-to-earnings ratio of -37.83 and a beta of 1.85. The firm’s fifty day moving average price is $16.53 and its 200 day moving average price is $15.94.

Kornit Digital (NASDAQ:KRNT) last posted its quarterly earnings data 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. The company had revenue of $55.32 million during the quarter, compared to analysts’ expectations of $52.80 million. Kornit Digital had a negative net margin of 9.42% and a negative return on equity of 1.00%. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.03 EPS. Analysts forecast that Kornit Digital Ltd. will post -0.23 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Kornit Digital

A number of hedge funds have recently bought and sold shares of the company. Invenomic Capital Management LP boosted its position in shares of 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. grew its stake in 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 valued at $18,949,000 after purchasing an additional 839,336 shares in the last quarter. Granahan Investment Management LLC increased its holdings in Kornit Digital by 31.4% in the fourth quarter. Granahan Investment Management LLC now owns 2,569,663 shares of the industrial products company’s stock worth $36,952,000 after buying an additional 614,513 shares during the last quarter. American Capital Management Inc. acquired a new position in shares of Kornit Digital during the 2nd quarter worth $4,598,000. Finally, Wasatch Advisors LP increased its position in Kornit Digital by 145.9% during the second quarter. Wasatch Advisors LP now owns 433,968 shares of the industrial products company’s stock worth $7,052,000 after buying an additional 257,478 shares during the last quarter. 92.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently commented on KRNT shares. Weiss Ratings raised Kornit Digital from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, October 2nd. Needham & Company LLC lifted their price objective on Kornit Digital from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Morgan Stanley upped their target price on Kornit Digital from $18.00 to $19.00 and gave the company an “equal weight” rating in a research report on Thursday, August 13th. Finally, Zacks Research upgraded Kornit Digital from a “strong sell” rating to a “hold” rating in a research note on Monday, August 24th. Two 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. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price 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.