Karat Packaging (NASDAQ:KRT) Rating Lowered to “Hold” at Wall Street Zen

Karat Packaging (NASDAQ:KRT) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Saturday.

KRT has been the subject of a number of other reports. Lake Street Capital reissued a “buy” rating and set a $39.00 price target on shares of Karat Packaging in a research note on Friday, May 8th. William Blair raised Karat Packaging from a “market perform” rating to an “outperform” rating in a research note on Thursday, June 4th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Karat Packaging in a research note on Thursday, June 11th. Zacks Research cut Karat Packaging from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 12th. Finally, Bank of America raised their target price on shares of Karat Packaging from $23.00 to $34.00 and gave the company an “underperform” rating in a report on Tuesday, July 14th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $36.50.

Karat Packaging Price Performance

Shares of KRT stock opened at $39.52 on Friday. The stock has a market cap of $788.82 million, a P/E ratio of 25.01, a PEG ratio of 1.71 and a beta of 0.85. Karat Packaging has a 52 week low of $20.61 and a 52 week high of $39.56. 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 company’s fifty day simple moving average is $31.46 and its two-hundred day simple moving average is $28.19.

Karat Packaging (NASDAQ:KRT) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.32 by $0.02. Karat Packaging had a net margin of 6.61% and a return on equity of 19.87%. The business had revenue of $116.95 million during the quarter, compared to the consensus estimate of $112.98 million. Analysts predict that Karat Packaging will post 1.78 EPS for the current fiscal year.

Hedge Funds Weigh In On Karat Packaging

A number of large investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. raised its position in Karat Packaging by 19.6% in the 1st 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 period. Jane Street Group LLC bought a new stake in Karat Packaging in the first quarter worth about $219,000. JPMorgan Chase & Co. boosted its position in shares of Karat Packaging by 921.6% during the second quarter. JPMorgan Chase & Co. now owns 34,203 shares of the company’s stock valued at $963,000 after buying an additional 30,855 shares during the period. Hsbc Holdings PLC boosted its position in shares of Karat Packaging by 41.1% during the second quarter. Hsbc Holdings PLC now owns 13,731 shares of the company’s stock valued at $379,000 after buying an additional 3,999 shares during the period. Finally, First Trust Advisors LP grew its stake in shares of Karat Packaging by 3.9% during the second quarter. First Trust Advisors LP now owns 22,061 shares of the company’s stock valued at $621,000 after buying an additional 830 shares during the last quarter. 25.20% of the stock is owned by hedge funds and other institutional investors.

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.