Karat Packaging (NASDAQ:KRT) Given New $31.00 Price Target at Truist Financial

Karat Packaging (NASDAQ:KRT) had its target price boosted by Truist Financial from $28.00 to $31.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “hold” rating on the stock. Truist Financial’s price objective would suggest a potential upside of 2.41% from the stock’s previous close.

Karat Packaging Stock Performance

KRT opened at $30.27 on Monday. The stock has a market cap of $606.52 million, a PE ratio of 21.62 and a beta of 1.12. The company has a current ratio of 3.12, a quick ratio of 1.82 and a debt-to-equity ratio of 0.29. Karat Packaging has a 1 year low of $23.00 and a 1 year high of $33.89. The stock’s 50 day simple moving average is $26.78 and its 200-day simple moving average is $28.99.

Karat Packaging (NASDAQ:KRT) last announced its quarterly earnings results on Thursday, March 13th. The company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.14). The company had revenue of $101.65 million during the quarter, compared to analyst estimates of $102.27 million. Karat Packaging had a net margin of 6.78% and a return on equity of 19.84%. Sell-side analysts forecast that Karat Packaging will post 1.66 EPS for the current year.

Hedge Funds Weigh In On Karat Packaging

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Copeland Capital Management LLC boosted its stake in Karat Packaging by 38.4% in the fourth quarter. Copeland Capital Management LLC now owns 2,604 shares of the company’s stock worth $79,000 after purchasing an additional 722 shares in the last quarter. Wells Fargo & Company MN lifted its stake in shares of Karat Packaging by 20.8% during the fourth quarter. Wells Fargo & Company MN now owns 5,538 shares of the company’s stock valued at $168,000 after acquiring an additional 955 shares during the period. Independent Advisor Alliance lifted its stake in Karat Packaging by 2.8% in the first quarter. Independent Advisor Alliance now owns 38,654 shares of the company’s stock valued at $1,027,000 after buying an additional 1,059 shares during the period. Rhumbline Advisers lifted its stake in Karat Packaging by 10.3% in the first quarter. Rhumbline Advisers now owns 11,668 shares of the company’s stock valued at $310,000 after buying an additional 1,088 shares during the period. Finally, Bank of America Corp DE increased its holdings in shares of Karat Packaging by 15.9% in the fourth quarter. Bank of America Corp DE now owns 9,550 shares of the company’s stock worth $289,000 after acquiring an additional 1,307 shares in the last quarter. Institutional investors and hedge funds own 25.20% of the company’s stock.

Karat Packaging Company Profile

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.