Karat Packaging (NASDAQ:KRT) Reaches New 12-Month High at $26.56

Karat Packaging Inc. (NASDAQ:KRT)’s stock price reached a new 52-week high during trading on Friday . The company traded as high as $26.56 and last traded at $26.54, with a volume of 20365 shares. The stock had previously closed at $24.90.

Wall Street Analysts Forecast Growth

KRT has been the topic of a number of recent research reports. Truist Financial raised their price target on shares of Karat Packaging from $25.00 to $26.00 in a research report on Friday, August 11th. Lake Street Capital raised their price target on shares of Karat Packaging from $22.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, August 10th.

Karat Packaging Price Performance

The stock has a market capitalization of $515.10 million, a price-to-earnings ratio of 17.04 and a beta of 1.00. The company has a quick ratio of 1.67, a current ratio of 3.17 and a debt-to-equity ratio of 0.30. The business’s 50 day simple moving average is $20.68 and its 200-day simple moving average is $16.97.

Karat Packaging (NASDAQ:KRT) last announced its quarterly earnings data on Wednesday, August 9th. The company reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.37. The firm had revenue of $108.74 million for the quarter, compared to the consensus estimate of $109.22 million. Karat Packaging had a net margin of 7.40% and a return on equity of 21.83%. On average, research analysts forecast that Karat Packaging Inc. will post 1.94 earnings per share for the current year.

Karat Packaging Dividend Announcement

The business also recently declared a None dividend, which was paid on Thursday, August 31st. Stockholders of record on Wednesday, August 23rd were paid a $0.50 dividend. The ex-dividend date was Tuesday, August 22nd. Karat Packaging’s payout ratio is currently 26.32%.

Institutional Investors Weigh In On Karat Packaging

Hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada boosted its stake in shares of Karat Packaging by 915.2% in the 2nd quarter. Royal Bank of Canada now owns 5,868 shares of the company’s stock valued at $107,000 after purchasing an additional 5,290 shares in the last quarter. Wells Fargo & Company MN raised its holdings in Karat Packaging by 61.4% in the 2nd quarter. Wells Fargo & Company MN now owns 3,381 shares of the company’s stock valued at $62,000 after buying an additional 1,286 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Karat Packaging by 40.7% in the 4th quarter. JPMorgan Chase & Co. now owns 4,302 shares of the company’s stock valued at $62,000 after buying an additional 1,245 shares during the last quarter. Acadian Asset Management LLC bought a new position in Karat Packaging in the 1st quarter valued at approximately $58,000. Finally, Deutsche Bank AG raised its holdings in Karat Packaging by 90.4% in the 1st quarter. Deutsche Bank AG now owns 3,822 shares of the company’s stock valued at $51,000 after buying an additional 1,815 shares during the last quarter. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Karat Packaging Company Profile

Karat Packaging Inc, together with its subsidiaries, 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.