Karat Packaging (NASDAQ:KRT) Shares Gap Down – Here’s What Happened

Karat Packaging Inc. (NASDAQ:KRT) shares gapped down before the market opened on Thursday . The stock had previously closed at $30.26, but opened at $29.65. Karat Packaging shares last traded at $29.93, with a volume of 5,651 shares.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on KRT shares. William Blair downgraded Karat Packaging from an “outperform” rating to a “market perform” rating in a research report on Thursday. Stifel Nicolaus upped their price target on Karat Packaging from $32.00 to $36.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th.

Karat Packaging Price Performance

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 has a 50 day moving average of $29.87 and a 200-day moving average of $27.95. The stock has a market capitalization of $603.12 million, a P/E ratio of 21.51 and a beta of 1.08.

Karat Packaging Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Wednesday, November 20th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 5.31%. This is a boost from Karat Packaging’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Wednesday, November 20th. Karat Packaging’s dividend payout ratio is presently 114.29%.

Hedge Funds Weigh In On Karat Packaging

Several institutional investors have recently modified their holdings of KRT. Bank of New York Mellon Corp increased its position in Karat Packaging by 2.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 170,310 shares of the company’s stock valued at $5,038,000 after acquiring an additional 4,408 shares during the period. Allspring Global Investments Holdings LLC bought a new stake in shares of Karat Packaging during the second quarter valued at about $1,162,000. Ritholtz Wealth Management lifted its holdings in Karat Packaging by 29.8% in the second quarter. Ritholtz Wealth Management now owns 32,783 shares of the company’s stock worth $970,000 after purchasing an additional 7,518 shares during the period. Rhumbline Advisers increased its stake in Karat Packaging by 4.4% during the 2nd quarter. Rhumbline Advisers now owns 9,203 shares of the company’s stock valued at $272,000 after buying an additional 387 shares during the period. Finally, Acadian Asset Management LLC lifted its stake in shares of Karat Packaging by 8.2% in the 2nd quarter. Acadian Asset Management LLC now owns 283,278 shares of the company’s stock worth $8,375,000 after acquiring an additional 21,383 shares during the period. 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.