Karat Packaging (NASDAQ:KRT) Rating Lowered to "Hold" at Wall Street Zen

Karat Packaging (NASDAQ:KRT - Get Free Report) was downgraded by analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued on Sunday, Wall Street Zen reports.

KRT has been the topic of a number of other reports. Lake Street Capital reiterated a "buy" rating and set a $60.00 target price on shares of Karat Packaging in a research report on Monday, September 14th. Weiss Ratings cut Karat Packaging from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday, November 9th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $47.00.

Karat Packaging Price Performance

Shares of KRT stock traded down $1.87 during midday trading on Friday, reaching $33.45. 377,594 shares of the company traded hands, compared to its average volume of 220,828. The firm's 50 day simple moving average is $50.35 and its two-hundred day simple moving average is $36.59. Karat Packaging has a 1-year low of $20.61 and a 1-year high of $56.06. The firm has a market cap of $669 million, a PE ratio of 14.17, a price-to-earnings-growth ratio of 1.41 and a beta of 0.79.

Karat Packaging (NASDAQ:KRT - Get Free Report) last announced its quarterly earnings results on Thursday, November 5th. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.17). The firm had revenue of $134.74 million for the quarter, compared to analysts' expectations of $140.33 million. Karat Packaging had a return on equity of 28.26% and a net margin of 9.39%. As a group, research analysts anticipate that Karat Packaging will post 2.63 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in Karat Packaging during the 2nd quarter valued at $19,840,000. Boston Partners raised its holdings in shares of Karat Packaging by 15.8% in the third quarter. Boston Partners now owns 231,483 shares of the company's stock worth $12,164,000 after acquiring an additional 31,541 shares during the last quarter. Ranger Investment Management L.P. purchased a new stake in shares of Karat Packaging in the second quarter valued at $11,129,000. Mawer Investment Management Ltd. lifted its position in shares of Karat Packaging by 570.2% in the third quarter. Mawer Investment Management Ltd. now owns 208,330 shares of the company's stock valued at $10,948,000 after acquiring an additional 177,246 shares in the last quarter. Finally, CWA Asset Management Group LLC lifted its position in shares of Karat Packaging by 35.9% in the third quarter. CWA Asset Management Group LLC now owns 185,066 shares of the company's stock valued at $9,725,000 after acquiring an additional 48,906 shares in the last quarter. 25.20% of the stock is currently owned by institutional investors and hedge funds.

About Karat Packaging

Karat Packaging Inc. manufactures and distributes disposable foodservice packaging and related products. Its offerings include cups, containers, lids, cutlery, straws, bags, napkins and food-handling supplies for restaurants and other foodservice businesses. The company sells products under brands including Karat and Karat Earth, which features packaging made with materials such as paper and compostable or biodegradable alternatives. Its customers include restaurants, foodservice distributors and other businesses that serve or sell food and beverages.

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