Karat Packaging (NASDAQ:KRT) Upgraded to Strong-Buy at Wall Street Zen

Karat Packaging (NASDAQ:KRT) was upgraded by investment analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a report issued on Sunday.

Separately, Truist Financial upped their price objective on shares of Karat Packaging from $28.00 to $31.00 and gave the company a “hold” rating in a research note on Monday, May 12th.

Karat Packaging Price Performance

KRT stock opened at $27.98 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.86 and a quick ratio of 1.53. Karat Packaging has a 1 year low of $23.00 and a 1 year high of $33.89. The company has a 50 day simple moving average of $29.35 and a 200 day simple moving average of $28.75. The stock has a market cap of $561.84 million, a price-to-earnings ratio of 18.65 and a beta of 1.12.

Insiders Place Their Bets

In other news, CEO Alan Yu sold 750,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $27.00, for a total value of $20,250,000.00. Following the completion of the transaction, the chief executive officer directly owned 6,203,805 shares in the company, valued at approximately $167,502,735. This trade represents a 10.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 66.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. GAMMA Investing LLC boosted its holdings in shares of Karat Packaging by 4,151.4% during the 1st quarter. GAMMA Investing LLC now owns 1,488 shares of the company’s stock valued at $40,000 after buying an additional 1,453 shares in the last quarter. Deutsche Bank AG raised its position in Karat Packaging by 773.6% in the 4th quarter. Deutsche Bank AG now owns 1,590 shares of the company’s stock worth $48,000 after buying an additional 1,408 shares during the last quarter. Comerica Bank increased its position in shares of Karat Packaging by 107.8% during the 4th quarter. Comerica Bank now owns 5,262 shares of the company’s stock valued at $159,000 after purchasing an additional 2,730 shares during the last quarter. Wells Fargo & Company MN increased its position in shares of Karat Packaging by 20.8% during the 4th quarter. Wells Fargo & Company MN now owns 5,538 shares of the company’s stock valued at $168,000 after purchasing an additional 955 shares during the last quarter. Finally, Jane Street Group LLC purchased a new stake in shares of Karat Packaging during the 1st quarter valued at about $219,000. 25.20% of the stock is owned by hedge funds and other institutional investors.

About Karat Packaging

Karat Packaging Inc, together with its subsidiaries, engages in the manufacture and distribution of 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.