Karat Packaging (NASDAQ:KRT) Stock Rating Lowered by Truist Financial

Karat Packaging (NASDAQ:KRT) was downgraded by equities researchers at Truist Financial from a “buy” rating to a “hold” rating in a report released on Friday, MarketBeat reports. They currently have a $28.00 price target on the stock, down from their prior price target of $34.00. Truist Financial’s price target suggests a potential upside of 17.45% from the stock’s previous close.

Karat Packaging Stock Down 14.8 %

KRT stock traded down $4.15 during trading on Friday, hitting $23.84. 171,025 shares of the company’s stock traded hands, compared to its average volume of 45,100. The firm has a market capitalization of $476.20 million, a P/E ratio of 16.11 and a beta of 1.06. Karat Packaging has a 1 year low of $17.23 and a 1 year high of $30.94. The company has a quick ratio of 1.69, a current ratio of 3.33 and a debt-to-equity ratio of 0.30. The business has a fifty day simple moving average of $28.43 and a two-hundred day simple moving average of $27.92.

Karat Packaging (NASDAQ:KRT) last posted its earnings results on Thursday, May 9th. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.04). Karat Packaging had a net margin of 7.31% and a return on equity of 21.94%. The company had revenue of $95.61 million during the quarter, compared to analysts’ expectations of $99.76 million. During the same quarter last year, the firm earned $0.45 EPS. Sell-side analysts anticipate that Karat Packaging will post 1.95 EPS for the current year.

Hedge Funds Weigh In On Karat Packaging

Hedge funds and other institutional investors have recently bought and sold shares of the business. Gladius Capital Management LP acquired a new position in shares of Karat Packaging in the 2nd quarter valued at about $33,000. Tower Research Capital LLC TRC boosted its position in Karat Packaging by 103.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,723 shares of the company’s stock worth $43,000 after purchasing an additional 875 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Karat Packaging during the 2nd quarter worth approximately $52,000. SG Americas Securities LLC purchased a new position in shares of Karat Packaging during the 1st quarter valued at approximately $115,000. Finally, Caxton Associates LP acquired a new position in shares of Karat Packaging in the 1st quarter valued at $210,000. 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.