Karat Packaging Inc. (NASDAQ:KRT - Get Free Report) shares gapped up before the market opened on Thursday after Bank of America upgraded the stock from a neutral rating to a buy rating. The stock had previously closed at $23.25, but opened at $24.54. Bank of America now has a $31.00 price target on the stock. Karat Packaging shares last traded at $25.20, with a volume of 148,910 shares changing hands.
Several other analysts also recently weighed in on KRT. Weiss Ratings downgraded shares of Karat Packaging from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday. Wall Street Zen downgraded shares of Karat Packaging from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, Zacks Research upgraded shares of Karat Packaging from a "strong sell" rating to a "hold" rating in a research report on Monday. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Karat Packaging presently has an average rating of "Hold" and an average price target of $32.67.
Check Out Our Latest Report on Karat Packaging
Hedge Funds Weigh In On Karat Packaging
Institutional investors and hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC increased its position in Karat Packaging by 4,151.4% during the first quarter. GAMMA Investing LLC now owns 1,488 shares of the company's stock worth $40,000 after acquiring an additional 1,453 shares during the period. Copeland Capital Management LLC increased its holdings 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 buying an additional 767 shares during the period. Jane Street Group LLC bought a new stake in Karat Packaging in the 1st quarter valued at $219,000. DAVENPORT & Co LLC bought a new stake in Karat Packaging in the 2nd quarter valued at $259,000. Finally, Strs Ohio bought a new stake in Karat Packaging in the 1st quarter valued at $260,000. Institutional investors own 25.20% of the company's stock.
Karat Packaging Price Performance
The stock has a market cap of $506.37 million, a P/E ratio of 15.88, a price-to-earnings-growth ratio of 1.23 and a beta of 1.09. The company has a current ratio of 2.68, a quick ratio of 1.40 and a debt-to-equity ratio of 0.29. The company's fifty day simple moving average is $25.06 and its 200-day simple moving average is $26.92.
Karat Packaging Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 27th. Shareholders of record on Wednesday, August 20th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 7.1%. The ex-dividend date of this dividend was Wednesday, August 20th. Karat Packaging's payout ratio is 113.21%.
Karat Packaging Company Profile
(
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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.
Further Reading
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