Karat Packaging Inc. (NASDAQ:KRT) Short Interest Update

Karat Packaging Inc. (NASDAQ:KRTGet Rating) saw a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 69,900 shares, a drop of 6.7% from the October 15th total of 74,900 shares. Currently, 1.2% of the shares of the stock are short sold. Based on an average trading volume of 17,900 shares, the days-to-cover ratio is presently 3.9 days.

Insider Buying and Selling at Karat Packaging

In other Karat Packaging news, CEO Alan Yu bought 2,300 shares of Karat Packaging stock in a transaction on Monday, November 14th. The stock was bought at an average price of $13.85 per share, with a total value of $31,855.00. Following the completion of the acquisition, the chief executive officer now owns 7,364,798 shares in the company, valued at $102,002,452.30. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Karat Packaging news, CEO Alan Yu bought 2,300 shares of Karat Packaging stock in a transaction on Monday, November 14th. The stock was bought at an average price of $13.85 per share, with a total value of $31,855.00. Following the completion of the acquisition, the chief executive officer now owns 7,364,798 shares in the company, valued at $102,002,452.30. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Marvin Cheng sold 2,000 shares of the firm’s stock in a transaction on Friday, September 9th. The shares were sold at an average price of $18.27, for a total value of $36,540.00. Following the completion of the sale, the vice president now directly owns 6,750,227 shares of the company’s stock, valued at approximately $123,326,647.29. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,521 shares of company stock valued at $307,350. 71.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in Karat Packaging by 369.2% during the 3rd quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 558,628 shares of the company’s stock worth $8,932,000 after purchasing an additional 439,575 shares in the last quarter. American Century Companies Inc. increased its position in Karat Packaging by 0.4% during the 1st quarter. American Century Companies Inc. now owns 450,572 shares of the company’s stock worth $8,944,000 after purchasing an additional 1,746 shares in the last quarter. Wasatch Advisors Inc. increased its position in Karat Packaging by 1.0% during the 1st quarter. Wasatch Advisors Inc. now owns 404,021 shares of the company’s stock worth $8,020,000 after purchasing an additional 3,818 shares in the last quarter. Victory Capital Management Inc. increased its position in Karat Packaging by 10.0% during the 2nd quarter. Victory Capital Management Inc. now owns 121,029 shares of the company’s stock worth $2,065,000 after purchasing an additional 11,009 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in Karat Packaging by 43.8% during the 1st quarter. Wellington Management Group LLP now owns 109,584 shares of the company’s stock worth $2,175,000 after purchasing an additional 33,391 shares in the last quarter. Institutional investors and hedge funds own 21.28% of the company’s stock.

Analysts Set New Price Targets

Separately, Truist Financial cut their price target on Karat Packaging from $33.00 to $25.00 in a research note on Friday, November 11th.

Karat Packaging Trading Up 5.0 %

NASDAQ:KRT opened at $14.00 on Friday. The company has a market capitalization of $277.65 million, a PE ratio of 11.20 and a beta of 1.32. The company has a quick ratio of 1.30, a current ratio of 3.59 and a debt-to-equity ratio of 0.36. Karat Packaging has a 52-week low of $13.01 and a 52-week high of $22.39. The stock has a fifty day simple moving average of $15.93 and a 200-day simple moving average of $17.61.

Karat Packaging Dividend Announcement

The company also recently declared a dividend, which will be paid on Wednesday, November 30th. Stockholders of record on Monday, November 21st will be paid a dividend of $0.35 per share. This represents a dividend yield of 2.63%. The ex-dividend date is Friday, November 18th.

About Karat Packaging

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Karat Packaging Inc manufactures and distributes 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.

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