Karat Packaging (NASDAQ:KRT) Trading Down 6.1% – Here’s Why

Karat Packaging Inc. (NASDAQ:KRT) dropped 6.1% during mid-day trading on Wednesday . The company traded as low as $32.41 and last traded at $31.43. Approximately 20,153 shares were traded during trading, a decline of 35% from the average daily volume of 31,093 shares. The stock had previously closed at $33.46.

Analyst Upgrades and Downgrades

KRT has been the topic of several recent research reports. Stifel Nicolaus upped their price target on shares of Karat Packaging from $32.00 to $36.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. William Blair downgraded Karat Packaging from an “outperform” rating to a “market perform” rating in a report on Thursday, January 2nd.

Karat Packaging Trading Down 4.1 %

The company has a quick ratio of 1.82, a current ratio of 3.12 and a debt-to-equity ratio of 0.29. The company’s 50-day moving average is $30.46 and its 200 day moving average is $28.32. The company has a market cap of $642.54 million, a price-to-earnings ratio of 22.93 and a beta of 1.08.

Karat Packaging Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Monday, February 24th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 5.61%. The ex-dividend date is Monday, February 24th. This is a positive change from Karat Packaging’s previous quarterly dividend of $0.40. Karat Packaging’s payout ratio is currently 114.29%.

Hedge Funds Weigh In On Karat Packaging

A number of hedge funds have recently bought and sold shares of the business. Millennium Management LLC lifted its position in shares of Karat Packaging by 108.5% during the 4th quarter. Millennium Management LLC now owns 84,038 shares of the company’s stock valued at $2,543,000 after buying an additional 43,740 shares in the last quarter. Geode Capital Management LLC raised its position in Karat Packaging by 15.5% during the third quarter. Geode Capital Management LLC now owns 178,645 shares of the company’s stock worth $4,626,000 after acquiring an additional 24,020 shares during the period. GSA Capital Partners LLP lifted its holdings in Karat Packaging by 186.4% during the third quarter. GSA Capital Partners LLP now owns 34,366 shares of the company’s stock valued at $890,000 after purchasing an additional 22,365 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its position in shares of Karat Packaging by 52.1% in the third quarter. Jacobs Levy Equity Management Inc. now owns 54,333 shares of the company’s stock valued at $1,407,000 after purchasing an additional 18,612 shares during the period. Finally, Russell Investments Group Ltd. grew its position in shares of Karat Packaging by 28.0% in the fourth quarter. Russell Investments Group Ltd. now owns 79,645 shares of the company’s stock valued at $2,410,000 after purchasing an additional 17,419 shares during the period. Hedge funds and other institutional investors own 25.20% of the company’s stock.

Karat Packaging Company Profile

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.