Karat Packaging (NASDAQ:KRT) Lowered to Hold (C+) Rating by Weiss Ratings

Key Points

• Karat Packaging has been downgraded from a "buy (b-)" rating to a "hold (c+)" rating by Weiss Ratings, indicating a shift in investment sentiment towards the company.
• Other research firms have provided mixed ratings; while Bank of America set a "neutral" rating, Zacks raised the stock to a "hold", suggesting overall cautiousness among analysts.
• Karat Packaging has a market capitalization of approximately $467.09 million and a current consensus rating of "Hold" with an average price target of $31.67.

Karat Packaging (NASDAQ:KRT - Get Free Report) was downgraded by equities research analysts at Weiss Ratings from a "buy (b-)" rating to a "hold (c+)" rating in a research report issued on Wednesday,Weiss Ratings reports.

Several other research firms have also weighed in on KRT. Bank of America began coverage on shares of Karat Packaging in a research note on Wednesday, August 13th. They set a "neutral" rating and a $28.00 target price for the company. Zacks Research raised shares of Karat Packaging from a "strong sell" rating to a "hold" rating in a report on Monday. Finally, Wall Street Zen lowered Karat Packaging from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. One equities research analyst has rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, Karat Packaging presently has a consensus rating of "Hold" and an average price target of $31.67.

Karat Packaging Price Performance

Shares of KRT opened at $23.25 on Wednesday. The firm has a market cap of $467.09 million, a price-to-earnings ratio of 14.62, a PEG ratio of 1.23 and a beta of 1.09. The stock has a 50 day moving average of $25.06 and a 200-day moving average of $26.92. The company has a current ratio of 2.68, a quick ratio of 1.40 and a debt-to-equity ratio of 0.29. Karat Packaging has a 52 week low of $23.00 and a 52 week high of $33.89.

Hedge Funds Weigh In On Karat Packaging

A number of institutional investors and hedge funds have recently added to or reduced their stakes in KRT. Copeland Capital Management LLC increased its position in Karat Packaging by 58.3% in the 2nd quarter. Copeland Capital Management LLC now owns 2,083 shares of the company's stock valued at $59,000 after acquiring an additional 767 shares during the period. Lazard Asset Management LLC grew its stake in shares of Karat Packaging by 1.9% in the second quarter. Lazard Asset Management LLC now owns 40,390 shares of the company's stock worth $1,137,000 after purchasing an additional 770 shares in the last quarter. First Trust Advisors LP increased its holdings in shares of Karat Packaging by 3.9% during the second quarter. First Trust Advisors LP now owns 22,061 shares of the company's stock valued at $621,000 after purchasing an additional 830 shares during the period. Independent Advisor Alliance raised its stake 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 valued at $1,027,000 after purchasing an additional 1,059 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in shares of Karat Packaging by 10.3% during the first quarter. Rhumbline Advisers now owns 11,668 shares of the company's stock valued at $310,000 after purchasing an additional 1,088 shares in the last quarter. 25.20% of the stock is 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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