MillerKnoll CEO doubles stake as office cubicle inventor struggles
12:27, 7 October 2022
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.
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.”