Karat Packaging Inc. (NASDAQ:KRT) Sees Significant Drop in Short Interest

Karat Packaging Inc. (NASDAQ:KRT) was the target of a large decrease in short interest in December. As of December 31st, there was short interest totalling 68,700 shares, a decrease of 8.0% from the December 15th total of 74,700 shares. Based on an average daily volume of 35,500 shares, the days-to-cover ratio is currently 1.9 days. Currently, 1.0% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

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

Karat Packaging Stock Up 1.5 %

Shares of NASDAQ:KRT opened at $29.58 on Monday. The company’s fifty day moving average is $30.27 and its two-hundred day moving average is $27.99. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.82 and a current ratio of 3.12. Karat Packaging has a 1-year low of $23.10 and a 1-year high of $33.14. The stock has a market capitalization of $592.19 million, a price-to-earnings ratio of 21.13 and a beta of 1.08.

Karat Packaging Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Wednesday, November 20th were paid a dividend of $0.40 per share. This is a positive change from Karat Packaging’s previous quarterly dividend of $0.35. The ex-dividend date was Wednesday, November 20th. This represents a $1.60 annualized dividend and a yield of 5.41%. Karat Packaging’s dividend payout ratio is 114.29%.

Hedge Funds Weigh In On Karat Packaging

A number of large investors have recently bought and sold shares of KRT. AQR Capital Management LLC lifted its stake in Karat Packaging by 37.8% in the second quarter. AQR Capital Management LLC now owns 116,980 shares of the company’s stock valued at $3,460,000 after buying an additional 32,069 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Karat Packaging by 15.5% in the 3rd 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 position in Karat Packaging by 186.4% in the 3rd 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 during the last quarter. Jacobs Levy Equity Management Inc. lifted its position in Karat Packaging by 52.1% in the 3rd 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 last quarter. Finally, Kings Path Partners LLC acquired a new position in Karat Packaging during the 3rd quarter valued at about $401,000. 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.