Short Interest in Karat Packaging Inc. (NASDAQ:KRT) Increases By 7.1%

Karat Packaging Inc. (NASDAQ:KRTGet Free Report) was the target of a large growth in short interest in May. As of May 31st, there was short interest totalling 137,700 shares, a growth of 7.1% from the May 15th total of 128,600 shares. Based on an average daily volume of 42,900 shares, the days-to-cover ratio is currently 3.2 days. Approximately 2.0% of the company’s stock are short sold.

Hedge Funds Weigh In On Karat Packaging

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in Karat Packaging by 0.8% during the first quarter. Vanguard Group Inc. now owns 348,678 shares of the company’s stock valued at $9,976,000 after buying an additional 2,804 shares during the period. Acadian Asset Management LLC boosted its stake in shares of Karat Packaging by 11.7% during the first quarter. Acadian Asset Management LLC now owns 261,895 shares of the company’s stock valued at $7,489,000 after purchasing an additional 27,370 shares during the period. Los Angeles Capital Management LLC grew its holdings in shares of Karat Packaging by 93.1% in the fourth quarter. Los Angeles Capital Management LLC now owns 98,258 shares of the company’s stock worth $2,442,000 after purchasing an additional 47,377 shares during the last quarter. Rice Hall James & Associates LLC increased its stake in shares of Karat Packaging by 5.0% in the first quarter. Rice Hall James & Associates LLC now owns 83,206 shares of the company’s stock worth $2,381,000 after buying an additional 3,996 shares during the period. Finally, Corient Private Wealth LLC bought a new stake in Karat Packaging during the 4th quarter valued at $1,677,000. 25.20% of the stock is currently owned by institutional investors.

Karat Packaging Stock Performance

Shares of NASDAQ KRT traded up $0.17 during trading on Monday, reaching $28.57. 44,161 shares of the stock traded hands, compared to its average volume of 45,379. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.33 and a quick ratio of 1.69. The stock has a market capitalization of $570.83 million, a P/E ratio of 19.19 and a beta of 1.07. Karat Packaging has a 52-week low of $16.90 and a 52-week high of $30.94. The company has a 50-day moving average of $27.98 and a 200-day moving average of $26.47.

Karat Packaging (NASDAQ:KRTGet Free Report) last posted its earnings results on Thursday, May 9th. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.04). The company had revenue of $95.61 million for the quarter, compared to analysts’ expectations of $99.76 million. Karat Packaging had a return on equity of 21.94% and a net margin of 7.31%. During the same quarter in the prior year, the company earned $0.45 EPS. Analysts forecast that Karat Packaging will post 1.95 EPS for the current fiscal year.

Karat Packaging Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Friday, May 17th were paid a dividend of $0.35 per share. The ex-dividend date was Thursday, May 16th. This represents a $1.40 annualized dividend and a yield of 4.90%. This is a boost from Karat Packaging’s previous quarterly dividend of $0.30. Karat Packaging’s payout ratio is currently 94.59%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Truist Financial raised their target price on Karat Packaging from $24.00 to $33.00 and gave the company a “buy” rating in a report on Friday, March 15th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $32.00 target price (up from $30.00) on shares of Karat Packaging in a report on Friday, March 15th.

Get Our Latest Stock Report on KRT

About Karat Packaging

(Get Free Report)

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.

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