Insider Selling: Kornit Digital (NASDAQ:KRNT) CTO Sells $28,354.95 in Stock

Key Points

• Kornit Digital’s CTO Yaaqov Mann sold 1,665 shares for approximately $28,355 under a pre-arranged Rule 10b5-1 trading plan, reducing his ownership by 3.44% to 46,722 shares.
• Mann also sold 97,066 shares earlier in October for a combined value of roughly $1.69 million, indicating multiple recent insider sales.
• Kornit reported quarterly revenue of $55.32 million and EPS of $0.04, both ahead of estimates. Analysts hold an average “Hold” rating with a $21.50 price target, compared with a recent share price of $17.55.

Kornit Digital Ltd. (NASDAQ:KRNT - Get Free Report) CTO Yaaqov Mann sold 1,665 shares of the firm's stock in a transaction dated 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 owned 46,722 shares of the company's stock, valued at $795,675.66. This trade represents a 3.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 shares were sold at an average price of $17.66, for a total value 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 value of $986,255.16.

Kornit Digital Stock Performance

Shares of NASDAQ KRNT traded up $0.07 during mid-day trading on Tuesday, hitting $17.55. 127,327 shares of the stock traded hands, compared to its average volume of 311,183. The company has a market cap of $754.12 million, a price-to-earnings ratio of -36.56 and a beta of 1.85. The stock has a fifty day moving average price of $16.69 and a 200-day moving average price of $16.07. Kornit Digital Ltd. has a 52 week low of $11.93 and a 52 week high of $19.78.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The industrial products company reported $0.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $52.80 million. During the same quarter in the prior year, the company earned $0.03 earnings per share. The firm's quarterly revenue was up 11.1% compared to the same quarter last year. As a group, sell-side analysts predict that Kornit Digital Ltd. will post -0.23 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Needham & Company LLC boosted their price objective 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. Zacks Research upgraded shares of Kornit Digital from a "strong sell" rating to a "hold" rating in a report on Monday, August 24th. Weiss Ratings raised Kornit Digital from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, October 2nd. Finally, Morgan Stanley boosted their price target 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. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $21.50.

Institutional Trading of Kornit Digital

A number of institutional investors have recently made changes to their positions in the stock. Assenagon Asset Management S.A. boosted its stake in shares of 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 worth $18,949,000 after acquiring an additional 839,336 shares during the last quarter. American Capital Management Inc. purchased a new stake in shares of Kornit Digital in the 2nd quarter worth $4,598,000. Wasatch Advisors LP increased its stake in shares of Kornit Digital by 145.9% in the 2nd quarter. Wasatch Advisors LP now owns 433,968 shares of the industrial products company's stock worth $7,052,000 after purchasing an additional 257,478 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Kornit Digital by 97.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 470,962 shares of the industrial products company's stock worth $6,904,000 after purchasing an additional 232,808 shares during the period. Finally, Janus Henderson Group PLC raised its holdings in Kornit Digital by 13.7% in the 1st quarter. Janus Henderson Group PLC now owns 793,194 shares of the industrial products company's stock worth $11,628,000 after purchasing an additional 95,693 shares during the period. Hedge funds and other institutional investors own 92.76% of the company's stock.

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.

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