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MillerKnoll CEO doubles stake as office cubicle inventor struggles

By Daniela Ešnerová

12:27, 7 October 2022

Office
MillerKnoll has been hit hard by the Covid pandemic and the move to working from home – Photo: Shutterstock

MillerKnoll’s CEO and president, Andrea Owen, has doubled her holding in the office furniture company with the purchase of $1m in MLKN shares.

The MillerKnoll share price has recently returned to levels not seen since pre-Covid. The pandemic was a challenging time for the company, formerly known as Herman Miller, which invented the office cubicle in 1967. Turnover dropped from $2.57bn in 2019 to $2.47bn in 2021, a fall of 4%.

However, the Nasdaq-listed firm, based in Zeeland, Michigan, managed to acquire a rival, Knoll,  last year. 

US100

19,721.10 Price
-0.470% 1D Chg, %
Long position overnight fee -0.0263%
Short position overnight fee 0.0041%
Overnight fee time 21:00 (UTC)
Spread 1.8

ETH/USD

3,415.40 Price
-0.070% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

BTC/USD

63,840.90 Price
-1.120% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

XRP/USD

0.57 Price
-9.180% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

MillerKnoll (MLKN) share price

Owen acquired the stock at a price of $16.88. The shares have since risen 5.8% to $17.86 each. Analysts from BLK Invest said: “A bullish investor could look at MLKN’s RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side.

“We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30. In the case of MillerKnoll Inc, the RSI reading has hit 28.9.”

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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