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

Karat Packaging Inc. (NASDAQ:KRT) shares gapped down prior to trading 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 trading hands.

Wall Street Analyst Weigh In

A number of analysts have recently commented on KRT shares. William Blair downgraded Karat Packaging from an “outperform” rating to a “market perform” rating in a report on Thursday. Stifel Nicolaus raised their price objective 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 Stock Performance

The company has a current ratio of 3.12, a quick ratio of 1.82 and a debt-to-equity ratio of 0.29. The firm has a market cap of $605.53 million, a PE ratio of 21.60 and a beta of 1.08. The stock’s 50 day moving average price is $30.00 and its 200 day moving average price is $27.97.

Karat Packaging Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Wednesday, November 20th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 5.29%. The ex-dividend date was Wednesday, November 20th. This is a boost from Karat Packaging’s previous quarterly dividend of $0.35. Karat Packaging’s payout ratio is currently 114.29%.

Hedge Funds Weigh In On Karat Packaging

A number of institutional investors and hedge funds have recently bought and sold shares of KRT. Acadian Asset Management LLC boosted its position in Karat Packaging by 8.2% in the 2nd quarter. Acadian Asset Management LLC now owns 283,278 shares of the company’s stock valued at $8,375,000 after buying an additional 21,383 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Karat Packaging by 5.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 19,720 shares of the company’s stock valued at $511,000 after purchasing an additional 1,053 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in Karat Packaging by 4.2% in the third quarter. Janney Montgomery Scott LLC now owns 28,488 shares of the company’s stock valued at $738,000 after purchasing an additional 1,148 shares during the last quarter. US Bancorp DE acquired a new stake in Karat Packaging during the 3rd quarter valued at approximately $30,000. Finally, Barclays PLC raised its position in shares of Karat Packaging by 12.5% in the 3rd quarter. Barclays PLC now owns 71,153 shares of the company’s stock valued at $1,843,000 after purchasing an additional 7,911 shares in the last quarter. Hedge funds and other institutional investors own 25.20% of the company’s stock.

About Karat Packaging

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.