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 business’s stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $17.27, for a total value of $986,255.16. The transaction was disclosed in a legal filing with the SEC, which is available through 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 stock was sold at an average price of $17.66, for a total value of $705,658.28.

Kornit Digital Stock Up 1.3%

NASDAQ:KRNT opened at $18.16 on Friday. The firm’s fifty day simple moving average is $16.53 and its 200 day simple moving average is $15.94. The stock has a market cap of $780.28 million, a P/E ratio of -37.83 and a beta of 1.85. Kornit Digital Ltd. has a twelve month low of $11.93 and a twelve month high of $19.78.

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Tidal Investments LLC lifted its holdings in shares of Kornit Digital by 78.3% during the second 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 in the last quarter. Engineers Gate Manager LP bought a new position in Kornit Digital during the 2nd quarter valued at about $300,000. Lone Peak Global Investors LLC boosted its holdings in shares of 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 during the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Kornit Digital in the second quarter worth approximately $224,000. Finally, American Capital Management Inc. purchased a new position in shares of Kornit Digital during the second quarter valued at approximately $4,598,000. 92.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on KRNT shares. Needham & Company LLC upped their target price on Kornit Digital from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Weiss Ratings raised Kornit Digital from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 2nd. Morgan Stanley raised their price objective 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 shares of Kornit Digital from a “strong sell” rating to a “hold” rating in a report on Monday, August 24th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus 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.