Karat Packaging (NASDAQ:KRT) Shares Gap Down – Time to Sell?

Shares of Karat Packaging Inc. (NASDAQ:KRT) gapped down before the market opened on Thursday . The stock had previously closed at $30.26, but opened at $29.65. Karat Packaging shares last traded at $29.93, with a volume of 5,651 shares changing hands.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on KRT shares. Stifel Nicolaus upped their price objective on Karat Packaging from $32.00 to $36.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. William Blair downgraded shares of Karat Packaging from an “outperform” rating to a “market perform” rating in a report on Thursday.

Karat Packaging Stock Down 0.5 %

The firm has a market capitalization of $603.12 million, a price-to-earnings ratio of 21.51 and a beta of 1.08. 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 fifty day moving average of $29.87 and a 200-day moving average of $27.95.

Karat Packaging Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Wednesday, November 20th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 5.31%. This is a boost from Karat Packaging’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Wednesday, November 20th. Karat Packaging’s dividend payout ratio (DPR) is presently 114.29%.

Institutional Trading of Karat Packaging

Several large investors have recently added to or reduced their stakes in the company. LSV Asset Management acquired a new position in Karat Packaging in the 2nd quarter valued at approximately $2,359,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Karat Packaging in the second quarter worth $1,162,000. AQR Capital Management LLC raised its holdings in shares of Karat Packaging by 37.8% during the second quarter. AQR Capital Management LLC now owns 116,980 shares of the company’s stock worth $3,460,000 after acquiring an additional 32,069 shares in the last quarter. Geode Capital Management LLC boosted its position in Karat Packaging by 15.5% during the third quarter. Geode Capital Management LLC now owns 178,645 shares of the company’s stock valued at $4,626,000 after purchasing an additional 24,020 shares during the last quarter. Finally, GSA Capital Partners LLP boosted its position in Karat Packaging by 186.4% during the third quarter. GSA Capital Partners LLP now owns 34,366 shares of the company’s stock valued at $890,000 after purchasing an additional 22,365 shares during the last quarter. 25.20% of the stock is owned by institutional investors and hedge funds.

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.