Karat Packaging (NASDAQ:KRT) Cut to Hold at Wall Street Zen

Karat Packaging (NASDAQ:KRT) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

A number of other brokerages have also issued reports on KRT. Zacks Research lowered Karat Packaging from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 12th. William Blair upgraded Karat Packaging from a “market perform” rating to an “outperform” rating in a report on Thursday, June 4th. Bank of America set a $24.00 target price on Karat Packaging and gave the company an “underperform” rating in a research report on Friday, March 13th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Karat Packaging in a report on Thursday, June 11th. Finally, Lake Street Capital reissued a “buy” rating and set a $39.00 price target on shares of Karat Packaging in a research report on Friday, May 8th. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Karat Packaging currently has a consensus rating of “Hold” and an average price target of $31.50.

Karat Packaging Stock Performance

Shares of KRT opened at $34.25 on Friday. Karat Packaging has a 1-year low of $20.61 and a 1-year high of $34.50. The company has a 50-day moving average of $29.04 and a 200 day moving average of $26.73. The firm has a market capitalization of $683.63 million, a price-to-earnings ratio of 21.68, a PEG ratio of 1.70 and a beta of 0.85. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.29 and a quick ratio of 1.15.

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

Hedge Funds Weigh In On Karat Packaging

Several institutional investors have recently bought and sold shares of the business. Bank of Montreal Can bought a new position in Karat Packaging in the fourth quarter worth approximately $5,216,000. KTF Investments LLC purchased a new stake in Karat Packaging during the fourth quarter worth $5,075,000. Polar Asset Management Partners Inc. purchased a new stake in Karat Packaging during the third quarter worth $5,039,000. Marshall Wace LLP bought a new stake in Karat Packaging during the 2nd quarter valued at $4,312,000. Finally, CWA Asset Management Group LLC bought a new stake in Karat Packaging during the 4th quarter valued at $2,398,000. 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.