Karat Packaging (NASDAQ:KRT) Hits New 1-Year High – Here’s What Happened

Karat Packaging Inc. (NASDAQ:KRT)’s stock price hit a new 52-week high on Wednesday . The company traded as high as $42.30 and last traded at $42.28, with a volume of 7759 shares traded. The stock had previously closed at $41.09.

Analysts Set New Price Targets

KRT has been the subject of several analyst reports. Lake Street Capital reaffirmed a “buy” rating and issued a $39.00 price objective on shares of Karat Packaging in a report on Friday, May 8th. Weiss Ratings upgraded Karat Packaging from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, July 29th. Zacks Research lowered Karat Packaging from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 12th. Wall Street Zen lowered Karat Packaging from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Finally, Bank of America increased their price objective on Karat Packaging from $23.00 to $34.00 and gave the stock an “underperform” rating in a report on Tuesday, July 14th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $36.50.

Karat Packaging Stock Up 4.0%

The stock has a 50-day simple moving average of $33.41 and a two-hundred day simple moving average of $29.00. The company has a quick ratio of 1.15, a current ratio of 2.29 and a debt-to-equity ratio of 0.15. The firm has a market cap of $853.23 million, a PE ratio of 27.05, a P/E/G ratio of 1.77 and a beta of 0.82.

Karat Packaging (NASDAQ:KRT) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.02. Karat Packaging had a net margin of 6.61% and a return on equity of 19.87%. The firm had revenue of $116.95 million during the quarter, compared to analyst estimates of $112.98 million. Analysts expect that Karat Packaging Inc. will post 1.78 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Goldman Sachs Group Inc. grew its stake in shares of Karat Packaging by 19.6% in the first quarter. Goldman Sachs Group Inc. now owns 28,565 shares of the company’s stock worth $759,000 after purchasing an additional 4,684 shares during the last quarter. Jane Street Group LLC bought a new position in Karat Packaging during the 1st quarter valued at approximately $219,000. JPMorgan Chase & Co. lifted its holdings in Karat Packaging by 921.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 34,203 shares of the company’s stock worth $963,000 after buying an additional 30,855 shares during the period. Hsbc Holdings PLC lifted its holdings in Karat Packaging by 41.1% in the 2nd quarter. Hsbc Holdings PLC now owns 13,731 shares of the company’s stock worth $379,000 after buying an additional 3,999 shares during the period. Finally, First Trust Advisors LP lifted its holdings in Karat Packaging by 3.9% in the 2nd quarter. First Trust Advisors LP now owns 22,061 shares of the company’s stock worth $621,000 after buying an additional 830 shares during the period. Institutional investors own 25.20% of the company’s stock.

Karat Packaging Company Profile

Karat Packaging Technologies, Inc (NASDAQ: KRT) is a U.S.-based provider of premium packaging solutions for consumer goods and industrial products. The company specializes in the design, manufacture and delivery of high-quality litho-laminated folding cartons, tubes and flexible packaging. Karat Packaging operates an integrated production model that combines prepress, printing, converting and finishing capabilities to support the branding and shelf-appeal needs of its customers.

The company serves a diverse range of end markets, including food and beverage, confectionery, health and beauty, pharmaceuticals, specialty chemicals and promotional packaging.