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Karat Packaging (NASDAQ:KRT) Lowered to Buy Rating by Wall Street Zen

Karat Packaging logo with Industrials background

Karat Packaging (NASDAQ:KRT - Get Free Report) was downgraded by Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued to clients and investors on Saturday.

Separately, Truist Financial boosted their price target on shares of Karat Packaging from $28.00 to $31.00 and gave the company a "hold" rating in a report on Monday, May 12th.

Get Our Latest Analysis on KRT

Karat Packaging Stock Down 0.4%

Shares of KRT traded down $0.12 during mid-day trading on Friday, reaching $28.51. 39,626 shares of the stock traded hands, compared to its average volume of 49,571. The firm has a market cap of $572.38 million, a price-to-earnings ratio of 19.00 and a beta of 1.12. The stock has a fifty day simple moving average of $29.31 and a 200 day simple moving average of $28.80. Karat Packaging has a 12-month low of $23.00 and a 12-month high of $33.89. The company has a quick ratio of 1.53, a current ratio of 2.86 and a debt-to-equity ratio of 0.29.

Insiders Place Their Bets

In other news, CEO Alan Yu sold 112,500 shares of the stock in a transaction on Friday, June 27th. The stock was sold at an average price of $27.00, for a total transaction of $3,037,500.00. Following the sale, the chief executive officer owned 6,091,305 shares in the company, valued at approximately $164,465,235. This represents a 1.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 66.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Karat Packaging

Several large investors have recently made changes to their positions in KRT. Wells Fargo & Company MN raised its position 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 worth $168,000 after purchasing an additional 955 shares during the period. Independent Advisor Alliance grew its holdings in shares of Karat Packaging by 2.8% during the first quarter. Independent Advisor Alliance now owns 38,654 shares of the company's stock worth $1,027,000 after buying an additional 1,059 shares in the last quarter. Rhumbline Advisers grew its holdings in shares of Karat Packaging by 10.3% during the first quarter. Rhumbline Advisers now owns 11,668 shares of the company's stock worth $310,000 after buying an additional 1,088 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Karat Packaging by 15.9% during the fourth quarter. Bank of America Corp DE now owns 9,550 shares of the company's stock worth $289,000 after buying an additional 1,307 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its holdings in shares of Karat Packaging by 2.2% during the first quarter. Jacobs Levy Equity Management Inc. now owns 59,768 shares of the company's stock worth $1,589,000 after buying 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

(Get Free Report)

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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