Karat Packaging Inc. (NASDAQ:KRT) Short Interest Down 10.5% in April

Karat Packaging Inc. (NASDAQ:KRT) saw a large drop in short interest during the month of April. As of April 30th, there was short interest totalling 137,200 shares, a drop of 10.5% from the April 15th total of 153,300 shares. Based on an average trading volume of 49,500 shares, the short-interest ratio is currently 2.8 days. Currently, 2.0% of the shares of the company are sold short.

Karat Packaging Price Performance

Shares of NASDAQ:KRT traded up $0.24 during trading on Thursday, reaching $29.16. 14,366 shares of the company’s stock traded hands, compared to its average volume of 46,498. Karat Packaging has a fifty-two week low of $14.80 and a fifty-two week high of $30.94. The company has a quick ratio of 1.88, a current ratio of 3.33 and a debt-to-equity ratio of 0.30. The firm has a market cap of $582.62 million, a PE ratio of 19.78 and a beta of 1.06. The company has a 50-day simple moving average of $27.98 and a 200-day simple moving average of $25.39.

Karat Packaging (NASDAQ:KRT) last posted its quarterly earnings data on Thursday, May 9th. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.04). Karat Packaging had a return on equity of 21.94% and a net margin of 7.31%. The firm had revenue of $95.61 million during the quarter, compared to analyst estimates of $99.76 million. During the same quarter in the previous year, the firm posted $0.45 earnings per share. As a group, analysts predict that Karat Packaging will post 1.96 earnings per share for the current year.

Karat Packaging Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Friday, May 17th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 4.80%. This is a boost from Karat Packaging’s previous quarterly dividend of $0.30. The ex-dividend date is Thursday, May 16th. Karat Packaging’s payout ratio is presently 81.08%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Truist Financial increased their price target on 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 restated a “buy” rating and set a $32.00 target price (up from $30.00) on shares of Karat Packaging in a research report on Friday, March 15th.

Institutional Investors Weigh In On Karat Packaging

Several institutional investors have recently bought and sold shares of KRT. Strs Ohio boosted its holdings in Karat Packaging by 437.0% in the 3rd quarter. Strs Ohio now owns 14,500 shares of the company’s stock worth $334,000 after buying an additional 11,800 shares during the last quarter. Nisa Investment Advisors LLC purchased a new position in Karat Packaging in the 3rd quarter worth approximately $67,000. Rice Hall James & Associates LLC purchased a new position in Karat Packaging in the 3rd quarter worth approximately $1,937,000. Check Capital Management Inc. CA purchased a new position in Karat Packaging in the 3rd quarter worth approximately $461,000. Finally, Los Angeles Capital Management LLC purchased a new position in Karat Packaging in the 3rd quarter worth approximately $1,173,000. 25.20% of the stock is currently owned by institutional investors and hedge funds.

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.