Karat Packaging Inc. (NASDAQ:KRT) Short Interest Update

Karat Packaging Inc. (NASDAQ:KRT) was the recipient of a large growth in short interest in the month of 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 trading volume, of 42,900 shares, the days-to-cover ratio is presently 3.2 days. Approximately 2.0% of the company’s shares are sold short.

Karat Packaging Stock Performance

Shares of Karat Packaging stock opened at $28.57 on Tuesday. The business has a 50-day simple moving average of $27.98 and a 200-day simple moving average of $26.55. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.69 and a current ratio of 3.33. Karat Packaging has a one year low of $16.90 and a one year high of $30.94. The company has a market cap of $570.83 million, a PE ratio of 19.30 and a beta of 1.07.

Karat Packaging (NASDAQ:KRT) last announced its quarterly earnings data on Thursday, May 9th. The company reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.04). The firm had revenue of $95.61 million during the quarter, compared to analysts’ expectations of $99.76 million. Karat Packaging had a net margin of 7.31% and a return on equity of 21.94%. During the same period in the prior year, the company posted $0.45 earnings per share. On average, equities research analysts forecast that Karat Packaging will post 1.95 EPS for the current fiscal year.

Karat Packaging Increases Dividend

The firm also recently announced 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. This is a boost from Karat Packaging’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $1.40 annualized dividend and a yield of 4.90%. Karat Packaging’s payout ratio is presently 94.59%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Truist Financial increased their price target on shares of Karat Packaging from $24.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Stifel Nicolaus reissued a “buy” rating and issued a $32.00 price target (up previously from $30.00) on shares of Karat Packaging in a research report on Friday, March 15th.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Acadian Asset Management LLC grew its holdings in shares of Karat Packaging by 484.5% during the third quarter. Acadian Asset Management LLC now owns 183,620 shares of the company’s stock worth $4,229,000 after buying an additional 152,207 shares during the last quarter. Corient Private Wealth LLC purchased a new position in shares of Karat Packaging in the 4th quarter valued at approximately $1,677,000. EAM Investors LLC acquired a new position in shares of Karat Packaging in the third quarter valued at approximately $1,390,000. Los Angeles Capital Management LLC raised its stake in shares of Karat Packaging by 93.1% during 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. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Karat Packaging by 95.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 61,547 shares of the company’s stock worth $1,762,000 after purchasing an additional 30,137 shares during the period. 25.20% of the stock is owned by hedge funds and other institutional investors.

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.