Karat Packaging (NASDAQ:KRT) Stock Rating Upgraded by Zacks Research

Key Points

• Karat Packaging has been upgraded by Zacks Research from a "strong sell" to a "hold" rating, indicating a more favorable outlook for the stock.
• The stock currently has a consensus rating of "Hold" with a price target of $31.67, according to data from MarketBeat.com.
• Institutional interest is notable, with various hedge funds significantly increasing their positions in Karat Packaging, now holding 25.20% of the stock.

Karat Packaging (NASDAQ:KRT - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued on Monday,Zacks.com reports.

Several other analysts also recently weighed in on the stock. Bank of America assumed coverage on shares of Karat Packaging in a research report on Wednesday, August 13th. They issued a "neutral" rating and a $28.00 price objective on the stock. Wall Street Zen lowered shares of Karat Packaging from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Karat Packaging in a research note on Saturday, September 27th. 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, the stock has a consensus rating of "Hold" and a consensus price target of $31.67.

Karat Packaging Price Performance

KRT opened at $23.10 on Monday. The company has a fifty day simple moving average of $25.14 and a 200 day simple moving average of $26.95. The firm has a market cap of $464.08 million, a price-to-earnings ratio of 14.53, a PEG ratio of 1.24 and a beta of 1.09. Karat Packaging has a twelve month low of $23.00 and a twelve month high of $33.89. The company has a current ratio of 2.68, a quick ratio of 1.40 and a debt-to-equity ratio of 0.29.

Institutional Investors Weigh In On Karat Packaging

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC grew its position in shares of Karat Packaging by 4,151.4% in the 1st quarter. GAMMA Investing LLC now owns 1,488 shares of the company's stock valued at $40,000 after acquiring an additional 1,453 shares during the period. Acadian Asset Management LLC raised its position in shares of Karat Packaging by 9.0% in the 1st quarter. Acadian Asset Management LLC now owns 245,734 shares of the company's stock valued at $6,529,000 after buying an additional 20,262 shares in the last quarter. Rhumbline Advisers increased its position in Karat Packaging by 10.3% during the 1st quarter. Rhumbline Advisers now owns 11,668 shares of the company's stock worth $310,000 after purchasing an additional 1,088 shares in the last quarter. Janney Montgomery Scott LLC increased its position in Karat Packaging by 8.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 37,599 shares of the company's stock valued at $999,000 after acquiring an additional 2,933 shares during the period. Finally, Hsbc Holdings PLC increased its position in Karat Packaging by 23.0% in the 1st quarter. Hsbc Holdings PLC now owns 9,732 shares of the company's stock valued at $263,000 after acquiring an additional 1,823 shares during the period. 25.20% of the stock is currently owned by institutional investors and hedge funds.

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.

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