Karat Packaging (NASDAQ:KRT) Shares Down 2.7%

Karat Packaging Inc. (NASDAQ:KRT) shares were down 2.7% during trading on Wednesday . The stock traded as low as $18.92 and last traded at $18.92. Approximately 13,234 shares traded hands during trading, an increase of 22% from the average daily volume of 10,842 shares. The stock had previously closed at $19.45.

Separately, Zacks Investment Research raised shares of Karat Packaging from a “sell” rating to a “hold” rating in a report on Tuesday, November 16th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Karat Packaging currently has an average rating of “Buy” and an average target price of $24.71.

The business’s fifty day moving average price is $20.67 and its 200 day moving average price is $21.57. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.25 and a current ratio of 3.10.

Karat Packaging (NASDAQ:KRT) last announced its earnings results on Thursday, November 11th. The company reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.14). The company had revenue of $102.71 million for the quarter, compared to analyst estimates of $102.09 million. Research analysts forecast that Karat Packaging Inc. will post 1.12 EPS for the current year.

In other Karat Packaging news, VP Marvin Cheng sold 1,234 shares of Karat Packaging stock in a transaction on Friday, December 10th. The shares were sold at an average price of $21.50, for a total value of $26,531.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 4,379 shares of company stock valued at $94,201 in the last three months.

A number of institutional investors and hedge funds have recently bought and sold shares of KRT. Bank of America Corp DE bought a new stake in shares of Karat Packaging during the second quarter worth about $49,000. Deutsche Bank AG bought a new stake in shares of Karat Packaging during the second quarter worth about $55,000. Pinz Capital Management LP bought a new stake in shares of Karat Packaging during the second quarter worth about $84,000. New York State Common Retirement Fund bought a new stake in shares of Karat Packaging during the second quarter worth about $100,000. Finally, JPMorgan Chase & Co. bought a new stake in shares of Karat Packaging during the second quarter worth about $121,000. 20.02% of the stock is owned by hedge funds and other institutional investors.

About Karat Packaging (NASDAQ:KRT)

Karat Packaging Inc manufactures and distributes single-use disposable products in plastic, paper, biopolymer-based and other compostable forms primarily used in restaurants and foodservice areas. It offers food and take-out containers, bags, tableware, cups, lids, cutlery, and straws under the Karat and Karat Earth names.

Featured Article: Analyst Ratings Trading

Receive News & Ratings for Karat Packaging Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Karat Packaging and related companies with MarketBeat.com's FREE daily email newsletter.