Truist Financial Issues Positive Forecast for Karat Packaging (NASDAQ:KRT) Stock Price

Karat Packaging (NASDAQ:KRT - Get Free Report) had its price target raised by analysts at 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 suggests a potential upside of 2.06% from the stock's previous close.

Karat Packaging Trading Up 1.0%

NASDAQ:KRT traded up $0.30 on Monday, hitting $30.38. 5,114 shares of the stock were exchanged, compared to its average volume of 39,566. Karat Packaging has a fifty-two week low of $23.00 and a fifty-two week high of $33.89. The stock has a fifty day moving average of $26.79 and a 200-day moving average of $28.99. The company has a current ratio of 3.12, a quick ratio of 1.82 and a debt-to-equity ratio of 0.29. The stock has a market cap of $608.62 million, a PE ratio of 21.70 and a beta of 1.12.

Karat Packaging (NASDAQ:KRT - Get Free Report) last announced its earnings results on Thursday, March 13th. The company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.14). Karat Packaging had a net margin of 6.78% and a return on equity of 19.84%. The firm had revenue of $101.65 million during the quarter, compared to analysts' expectations of $102.27 million. As a group, equities analysts expect that Karat Packaging will post 1.66 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Karat Packaging

Hedge funds and other institutional investors have recently modified their holdings of the company. Millennium Management LLC boosted its stake in Karat Packaging by 108.5% during the fourth quarter. Millennium Management LLC now owns 84,038 shares of the company's stock valued at $2,543,000 after buying an additional 43,740 shares in the last quarter. American Century Companies Inc. lifted its stake in Karat Packaging by 13.2% during the first quarter. American Century Companies Inc. now owns 212,340 shares of the company's stock valued at $5,644,000 after purchasing an additional 24,791 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in Karat Packaging by 28.0% during the fourth quarter. Russell Investments Group Ltd. now owns 79,645 shares of the company's stock worth $2,410,000 after buying an additional 17,419 shares in the last quarter. Citadel Advisors LLC grew its position in Karat Packaging by 91.1% in the fourth quarter. Citadel Advisors LLC now owns 34,344 shares of the company's stock worth $1,039,000 after buying an additional 16,371 shares during the last quarter. Finally, Stifel Financial Corp acquired a new stake in shares of Karat Packaging during the 4th quarter valued at $436,000. 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.