Karat Packaging (NASDAQ:KRT) Cut to Hold at Zacks Research

Karat Packaging (NASDAQ:KRT) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

Several other research firms have also issued reports on KRT. Weiss Ratings reissued a “hold (c+)” rating on shares of Karat Packaging in a report on Thursday, January 22nd. Lake Street Capital reissued a “buy” rating and set a $39.00 target price on shares of Karat Packaging in a research note on Friday, May 8th. Bank of America set a $24.00 target price on Karat Packaging and gave the company an “underperform” rating in a research note on Friday, March 13th. Finally, Wall Street Zen lowered shares of Karat Packaging from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 9th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $31.50.

Karat Packaging Trading Up 0.1%

Karat Packaging stock opened at $27.23 on Tuesday. The firm has a 50 day moving average of $27.57 and a 200 day moving average of $25.06. The firm has a market capitalization of $543.51 million, a price-to-earnings ratio of 17.23, a P/E/G ratio of 1.06 and a beta of 0.93. Karat Packaging has a 12-month low of $20.61 and a 12-month high of $32.68. The company has a current ratio of 2.29, a quick ratio of 1.13 and a debt-to-equity ratio of 0.15.

Karat Packaging (NASDAQ:KRT) last released its earnings results on Thursday, May 7th. The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.02. The company had revenue of $116.95 million during the quarter, compared to analyst estimates of $112.98 million. Karat Packaging had a net margin of 6.61% and a return on equity of 19.87%. As a group, research analysts predict that Karat Packaging will post 1.98 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of KRT. Bank of Montreal Can purchased a new position in shares of Karat Packaging in the fourth quarter valued at $5,216,000. KTF Investments LLC purchased a new position in shares of Karat Packaging in the fourth quarter valued at $5,075,000. Polar Asset Management Partners Inc. purchased a new position in shares of Karat Packaging in the third quarter valued at $5,039,000. Marshall Wace LLP purchased a new position in shares of Karat Packaging in the second quarter valued at $4,312,000. Finally, CWA Asset Management Group LLC purchased a new position in shares of Karat Packaging in the fourth quarter valued at $2,398,000. 25.20% of the stock is owned by hedge funds and other institutional investors.

Karat Packaging Company Profile

Karat Packaging Technologies, Inc (NASDAQ: KRT) is a U.S.-based provider of premium packaging solutions for consumer goods and industrial products. The company specializes in the design, manufacture and delivery of high-quality litho-laminated folding cartons, tubes and flexible packaging. Karat Packaging operates an integrated production model that combines prepress, printing, converting and finishing capabilities to support the branding and shelf-appeal needs of its customers.

The company serves a diverse range of end markets, including food and beverage, confectionery, health and beauty, pharmaceuticals, specialty chemicals and promotional packaging.