Karat Packaging Inc. (NASDAQ:KRT – Get Rating) was the target of a large decline in short interest in the month of November. As of November 15th, there was short interest totalling 58,400 shares, a decline of 16.5% from the October 31st total of 69,900 shares. Approximately 1.0% of the company's shares are short sold. Based on an average daily volume of 19,600 shares, the short-interest ratio is currently 3.0 days.
Karat Packaging Stock Performance
KRT opened at $14.00 on Friday. The company's 50 day moving average is $15.06 and its 200 day moving average is $17.21. The company has a current ratio of 3.58, a quick ratio of 1.48 and a debt-to-equity ratio of 0.27. The company has a market cap of $278.74 million, a price-to-earnings ratio of 11.20 and a beta of 1.12. Karat Packaging has a 12-month low of $12.76 and a 12-month high of $22.00.
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Karat Packaging Announces Dividend
The business also recently disclosed a dividend, which was paid on Wednesday, November 30th. Stockholders of record on Monday, November 21st were paid a $0.35 dividend. The ex-dividend date of this dividend was Friday, November 18th. This represents a dividend yield of 2.63%.
Analysts Set New Price Targets
Separately, Truist Financial cut their price objective on shares of Karat Packaging from $33.00 to $25.00 in a research report on Friday, November 11th.
Insiders Place Their Bets
In other Karat Packaging news, VP Marvin Cheng sold 1,721 shares of the stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $18.20, for a total value of $31,322.20. Following the completion of the sale, the vice president now owns 6,752,509 shares in the company, valued at approximately $122,895,663.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Karat Packaging news, VP Marvin Cheng sold 1,721 shares of the firm's stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $18.20, for a total value of $31,322.20. Following the completion of the sale, the vice president now directly owns 6,752,509 shares in the company, valued at $122,895,663.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Joanne Tzu Jung Wang sold 12,000 shares of the company's stock in a transaction that occurred on Friday, September 16th. The stock was sold at an average price of $17.21, for a total value of $206,520.00. Following the transaction, the chief operating officer now owns 1,957 shares in the company, valued at approximately $33,679.97. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 47,950 shares of company stock valued at $668,455 and have sold 16,721 shares valued at $292,502. Insiders own 71.60% of the company's stock.
Institutional Trading of Karat Packaging
Hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its position in shares of Karat Packaging by 6.3% during the 1st quarter. Bank of New York Mellon Corp now owns 23,696 shares of the company's stock valued at $470,000 after purchasing an additional 1,411 shares during the period. State Street Corp lifted its position in shares of Karat Packaging by 2.2% in the third quarter. State Street Corp now owns 70,890 shares of the company's stock valued at $1,134,000 after acquiring an additional 1,504 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of Karat Packaging by 0.4% in the first quarter. American Century Companies Inc. now owns 450,572 shares of the company's stock worth $8,944,000 after acquiring an additional 1,746 shares during the period. UBS Group AG grew its position in shares of Karat Packaging by 3.1% during the second quarter. UBS Group AG now owns 87,411 shares of the company's stock worth $1,491,000 after purchasing an additional 2,631 shares in the last quarter. Finally, Blair William & Co. IL raised its stake in Karat Packaging by 11.1% during the 1st quarter. Blair William & Co. IL now owns 29,122 shares of the company's stock valued at $578,000 after purchasing an additional 2,904 shares during the period. Institutional investors own 21.28% of the company's stock.
About Karat Packaging
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Karat Packaging Inc manufactures and distributes 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.
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