Karat Packaging (NASDAQ:KRT) Upgraded at Bank of America

Key Points

• Karat Packaging was upgraded from a "neutral" to a "buy" rating by Bank of America, with a target price of $31.00, indicating a potential upside of 25.86% from its current price.
• The stock is currently trading at $24.63, having experienced a 5.9% increase recently, with a market capitalization of $494.82 million.
• Institutional investors hold 25.20% of Karat Packaging's stock, with several hedge funds increasing their stakes in the first quarter.

Karat Packaging (NASDAQ:KRT - Get Free Report) was upgraded by Bank of America from a "neutral" rating to a "buy" rating in a report released on Thursday, MarketBeat.com reports. The firm presently has a $31.00 target price on the stock. Bank of America's price target would suggest a potential upside of 25.86% from the company's current price.

Other research analysts also recently issued research reports about the stock. Wall Street Zen downgraded shares of Karat Packaging from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. Zacks Research raised Karat Packaging from a "strong sell" rating to a "hold" rating in a report on Monday. Finally, Weiss Ratings lowered Karat Packaging from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Karat Packaging has an average rating of "Hold" and an average target price of $32.67.

Karat Packaging Stock Up 5.9%

Karat Packaging stock opened at $24.63 on Thursday. The company has a quick ratio of 1.40, a current ratio of 2.68 and a debt-to-equity ratio of 0.29. Karat Packaging has a 12-month low of $23.00 and a 12-month high of $33.89. The firm's fifty day moving average is $25.06 and its 200 day moving average is $26.92. The company has a market capitalization of $494.82 million, a PE ratio of 15.47, a PEG ratio of 1.23 and a beta of 1.09.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC grew its stake in Karat Packaging by 4,151.4% during the first 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 in the last quarter. Acadian Asset Management LLC grew its position in Karat Packaging by 9.0% during the first quarter. Acadian Asset Management LLC now owns 245,734 shares of the company's stock worth $6,529,000 after buying an additional 20,262 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Karat Packaging by 10.3% in the 1st quarter. Rhumbline Advisers now owns 11,668 shares of the company's stock valued at $310,000 after acquiring an additional 1,088 shares in the last quarter. Janney Montgomery Scott LLC boosted its position in shares of Karat Packaging by 8.5% during 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 last quarter. Finally, Hsbc Holdings PLC grew its holdings in shares of Karat Packaging by 23.0% during the first quarter. Hsbc Holdings PLC now owns 9,732 shares of the company's stock worth $263,000 after purchasing an additional 1,823 shares in the last quarter. Hedge funds and other institutional investors own 25.20% of the company's stock.

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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