Bank of America Forecasts Strong Price Appreciation for Karat Packaging (NASDAQ:KRT) Stock

Karat Packaging (NASDAQ:KRT) had its price target boosted by research analysts at Bank of America from $23.00 to $34.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “underperform” rating on the stock. Bank of America‘s price objective would indicate a potential downside of 3.81% from the company’s previous close.

KRT has been the subject of a number of other reports. Wall Street Zen upgraded Karat Packaging from a “hold” rating to a “buy” rating in a research report on Sunday. Weiss Ratings reissued a “hold (c+)” rating on shares of Karat Packaging in a research note on Thursday, June 11th. The Goldman Sachs Group lowered Karat Packaging to a “neutral” rating in a research note on Thursday, June 4th. Lake Street Capital reiterated a “buy” rating and set a $39.00 price target on shares of Karat Packaging in a report on Friday, May 8th. Finally, Zacks Research lowered shares of Karat Packaging from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 12th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $36.50.

Karat Packaging Price Performance

Shares of Karat Packaging stock traded up $0.61 on Tuesday, reaching $35.34. The company’s stock had a trading volume of 35,065 shares, compared to its average volume of 91,442. The company has a quick ratio of 1.15, a current ratio of 2.29 and a debt-to-equity ratio of 0.15. Karat Packaging has a 52-week low of $20.61 and a 52-week high of $35.67. The company has a market capitalization of $705.49 million, a P/E ratio of 22.37, a PEG ratio of 1.70 and a beta of 0.85. The stock has a 50-day moving average price of $29.68 and a 200-day moving average price of $27.22.

Karat Packaging (NASDAQ:KRT) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.02. The firm had revenue of $116.95 million for the quarter, compared to the consensus estimate of $112.98 million. Karat Packaging had a net margin of 6.61% and a return on equity of 19.87%. Analysts expect that Karat Packaging will post 1.78 EPS for the current year.

Hedge Funds Weigh In On Karat Packaging

Several hedge funds have recently bought and sold shares of KRT. Clearstead Advisors LLC increased its stake in Karat Packaging by 188.8% during the fourth quarter. Clearstead Advisors LLC now owns 1,493 shares of the company’s stock worth $34,000 after purchasing an additional 976 shares during the period. CWM LLC lifted its holdings in Karat Packaging by 61.5% during the 4th quarter. CWM LLC now owns 2,651 shares of the company’s stock worth $60,000 after buying an additional 1,010 shares in the last quarter. Quarry LP purchased a new position in Karat Packaging in the 3rd quarter valued at approximately $70,000. Deutsche Bank AG boosted its position in Karat Packaging by 142.8% in the 4th quarter. Deutsche Bank AG now owns 3,861 shares of the company’s stock valued at $87,000 after buying an additional 2,271 shares during the period. Finally, State of Wyoming purchased a new position in Karat Packaging in the 4th quarter valued at approximately $122,000. Institutional investors and hedge funds own 25.20% of the company’s stock.

About Karat Packaging

Karat Packaging Technologies, Inc (NASDAQ: KRT) is a U.S.-based provider of premium packaging solutions for consumer goods and industrial products. The company specializes in the design, manufacture and delivery of high-quality litho-laminated folding cartons, tubes and flexible packaging. Karat Packaging operates an integrated production model that combines prepress, printing, converting and finishing capabilities to support the branding and shelf-appeal needs of its customers.

The company serves a diverse range of end markets, including food and beverage, confectionery, health and beauty, pharmaceuticals, specialty chemicals and promotional packaging.