Brokerages Set Karat Packaging Inc. (NASDAQ:KRT) Price Target at $32.67

Shares of Karat Packaging Inc. (NASDAQ:KRT) have earned a consensus recommendation of “Hold” from the six analysts that are presently covering the stock, Marketbeat.com reports. Four research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $32.6667.

A number of analysts have issued reports on KRT shares. Bank of America upgraded shares of Karat Packaging from a “neutral” rating to a “buy” rating and set a $31.00 target price for the company in a research note on Thursday, October 9th. Zacks Research raised shares of Karat Packaging from a “strong sell” rating to a “hold” rating in a research report on Monday, October 6th. Wall Street Zen lowered shares of Karat Packaging from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 9th. Finally, Weiss Ratings lowered shares of Karat Packaging from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, October 8th.

Hedge Funds Weigh In On Karat Packaging

A number of institutional investors have recently modified their holdings of the company. Wasatch Advisors LP raised its position in shares of Karat Packaging by 3.3% in the second quarter. Wasatch Advisors LP now owns 330,961 shares of the company’s stock valued at $9,320,000 after purchasing an additional 10,617 shares during the period. Ranger Investment Management L.P. increased its position in Karat Packaging by 105.7% during the second quarter. Ranger Investment Management L.P. now owns 320,556 shares of the company’s stock worth $9,027,000 after acquiring an additional 164,716 shares during the period. Acadian Asset Management LLC increased its position in Karat Packaging by 13.7% during the second quarter. Acadian Asset Management LLC now owns 279,361 shares of the company’s stock worth $7,863,000 after acquiring an additional 33,627 shares during the period. De Lisle Partners LLP increased its position in Karat Packaging by 53.6% during the second quarter. De Lisle Partners LLP now owns 229,143 shares of the company’s stock worth $6,444,000 after acquiring an additional 80,000 shares during the period. Finally, American Century Companies Inc. increased its position in Karat Packaging by 7.9% during the second quarter. American Century Companies Inc. now owns 229,038 shares of the company’s stock worth $6,450,000 after acquiring an additional 16,698 shares during the period. Institutional investors own 25.20% of the company’s stock.

Karat Packaging Price Performance

NASDAQ KRT opened at $23.95 on Tuesday. The company has a quick ratio of 1.40, a current ratio of 2.68 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $481.16 million, a PE ratio of 15.06, a price-to-earnings-growth ratio of 1.27 and a beta of 1.09. The company has a 50 day moving average price of $24.57 and a two-hundred day moving average price of $26.80. Karat Packaging has a 12-month low of $22.96 and a 12-month high of $33.89.

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.