Truist Financial downgraded shares of Karat Packaging (NASDAQ:KRT – Free Report) from a buy rating to a hold rating in a report issued on Friday, Marketbeat Ratings reports. They currently have $28.00 price target on the stock, down from their prior price target of $34.00.
Karat Packaging Price Performance
Shares of Karat Packaging stock traded down $4.15 on Friday, hitting $23.84. 171,025 shares of the company traded hands, compared to its average volume of 45,100. Karat Packaging has a 52 week low of $17.23 and a 52 week high of $30.94. The business has a 50-day simple moving average of $28.43 and a 200 day simple moving average of $27.92. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.69 and a current ratio of 3.33. The stock has a market capitalization of $476.20 million, a P/E ratio of 16.11 and a beta of 1.06.
Karat Packaging (NASDAQ:KRT – Get Free Report) last announced its quarterly earnings results on Thursday, May 9th. The company reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.04). Karat Packaging had a net margin of 7.31% and a return on equity of 21.94%. The company had revenue of $95.61 million during the quarter, compared to the consensus estimate of $99.76 million. During the same quarter in the prior year, the firm posted $0.45 earnings per share. Research analysts expect that Karat Packaging will post 1.95 earnings per share for the current fiscal year.
Karat Packaging Dividend Announcement
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Karat Packaging by 0.8% during the first quarter. Vanguard Group Inc. now owns 348,678 shares of the company’s stock valued at $9,976,000 after purchasing an additional 2,804 shares in the last quarter. Acadian Asset Management LLC raised its position in shares of Karat Packaging by 8.2% during the 2nd quarter. Acadian Asset Management LLC now owns 283,278 shares of the company’s stock valued at $8,375,000 after buying an additional 21,383 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Karat Packaging by 2.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 170,310 shares of the company’s stock valued at $5,038,000 after acquiring an additional 4,408 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Karat Packaging by 2.9% in the second quarter. Dimensional Fund Advisors LP now owns 121,473 shares of the company’s stock worth $3,592,000 after acquiring an additional 3,397 shares in the last quarter. Finally, Los Angeles Capital Management LLC increased its stake in Karat Packaging by 93.1% during the fourth quarter. Los Angeles Capital Management LLC now owns 98,258 shares of the company’s stock worth $2,442,000 after acquiring an additional 47,377 shares during the last quarter. 25.20% of the stock is currently owned by institutional investors.
About Karat Packaging
Karat Packaging Inc, together with its subsidiaries, engages in the manufacture and distribution of single-use disposable products in plastic, paper, biopolymer-based, and other compostable forms used in various restaurant and foodservice settings. It provides food and take-out containers, bags, tableware, cups, lids, cutlery, straws, specialty beverage ingredients, equipment, gloves, and other products under the Karat Earth brand.
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