Key Points
- Kornit Digital CTO Yaaqov Mann sold 39,958 shares at an average price of $17.66, generating $705,658.28. The Rule 10b5-1 transaction reduced his holdings by 97.1%, leaving him with 1,195 shares.
- Kornit Digital reported quarterly earnings of $0.04 per share, beating estimates, while revenue rose 11.1% year over year to $55.32 million. However, the company continued to report a negative net margin.
- Analysts have a consensus “Hold” rating and an average price target of $21.50; institutional investors own 92.76% of the stock.
Kornit Digital Ltd. (NASDAQ:KRNT - Get Free Report) CTO Yaaqov Mann sold 39,958 shares of Kornit Digital 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 in the company, valued at approximately $21,103.70. This trade represents a 97.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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 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 Stock Performance
Shares of Kornit Digital stock opened at $18.15 on Wednesday. The company has a market cap of $779.91 million, a P/E 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. The firm has a fifty day moving average of $16.40 and a two-hundred day moving average of $15.88.
Kornit Digital (NASDAQ:KRNT - Get Free Report) last issued its earnings results on Wednesday, August 12th. The industrial products company reported $0.04 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.05. The business had revenue of $55.32 million for the quarter, compared to the consensus estimate of $52.80 million. Kornit Digital had a negative net margin of 9.42% and a negative return on equity of 1.00%. The business's quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.03 earnings per share. As a group, equities analysts predict that Kornit Digital Ltd. will post -0.23 earnings per share for the current year.
Hedge Funds Weigh In On Kornit Digital
Hedge funds have recently bought and sold shares of the company. Tidal Investments LLC grew its stake in Kornit Digital by 78.3% in the 2nd quarter. Tidal Investments LLC now owns 68,838 shares of the industrial products company's stock valued at $1,119,000 after acquiring an additional 30,233 shares during the last quarter. Engineers Gate Manager LP acquired a new position in Kornit Digital during the second quarter worth about $300,000. Lone Peak Global Investors LLC raised its position in Kornit Digital by 2.6% during the second quarter. Lone Peak Global Investors LLC now owns 36,069 shares of the industrial products company's stock worth $586,000 after acquiring 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 valued at about $224,000. Finally, American Capital Management Inc. purchased a new stake in shares of Kornit Digital in the second quarter valued at about $4,598,000. 92.76% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of brokerages have weighed in on KRNT. Weiss Ratings raised Kornit Digital from a "sell (e+)" rating to a "sell (d-)" rating in a report on Friday. Zacks Research raised Kornit Digital from a "strong sell" rating to a "hold" rating in a research note on Monday, August 24th. Morgan Stanley raised their price target on Kornit Digital from $18.00 to $19.00 and gave the company an "equal weight" rating in a report on Thursday, August 13th. Finally, Needham & Company LLC upped 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. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $21.50.
View Our Latest Report on KRNT
About Kornit Digital
(
Get Free Report)
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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