Karat Packaging Inc. (NASDAQ:KRT – Get Rating) was the recipient of a large decrease in short interest during the month of November. As of November 30th, there was short interest totalling 47,000 shares, a decrease of 19.5% from the November 15th total of 58,400 shares. Based on an average daily volume of 23,900 shares, the days-to-cover ratio is currently 2.0 days. Currently, 0.8% of the shares of the company are short sold.
Karat Packaging Stock Performance
Karat Packaging stock traded down $0.55 during trading hours on Friday, reaching $13.10. 1,543 shares of the stock were exchanged, compared to its average volume of 16,479. The stock has a market cap of $260.79 million, a P/E ratio of 10.92 and a beta of 1.12. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.48 and a current ratio of 3.58. Karat Packaging has a 52-week low of $12.76 and a 52-week high of $20.99. The firm's 50 day moving average is $14.58 and its 200 day moving average is $16.93.
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Karat Packaging Dividend Announcement
The company also recently disclosed a dividend, which was paid on Wednesday, November 30th. Shareholders of record on Monday, November 21st were given a dividend of $0.35 per share. The ex-dividend date was Friday, November 18th. This represents a yield of 2.63%.
Insider Activity at Karat Packaging
In other Karat Packaging news, CEO Alan Yu purchased 2,400 shares of Karat Packaging stock in a transaction that occurred on Friday, November 18th. The stock was purchased at an average price of $14.00 per share, for a total transaction of $33,600.00. Following the transaction, the chief executive officer now directly owns 7,367,198 shares in the company, valued at $103,140,772. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at
the SEC website. Insiders acquired a total of 64,550 shares of company stock worth $898,471 in the last 90 days. 71.60% of the stock is owned by insiders.
Hedge Funds Weigh In On Karat Packaging
A number of large investors have recently made changes to their positions in the stock. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its holdings in shares of Karat Packaging by 369.2% in the 3rd quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 558,628 shares of the company's stock valued at $8,932,000 after purchasing an additional 439,575 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Karat Packaging by 0.4% in the 1st quarter. American Century Companies Inc. now owns 450,572 shares of the company's stock valued at $8,944,000 after purchasing an additional 1,746 shares in the last quarter. Wasatch Advisors Inc. increased its holdings in shares of Karat Packaging by 1.0% in the 1st quarter. Wasatch Advisors Inc. now owns 404,021 shares of the company's stock valued at $8,020,000 after purchasing an additional 3,818 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Karat Packaging by 10.0% in the 2nd quarter. Victory Capital Management Inc. now owns 121,029 shares of the company's stock valued at $2,065,000 after purchasing an additional 11,009 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of Karat Packaging by 43.8% in the 1st quarter. Wellington Management Group LLP now owns 109,584 shares of the company's stock valued at $2,175,000 after purchasing an additional 33,391 shares in the last quarter. Hedge funds and other institutional investors own 21.28% of the company's stock.
Analyst Ratings Changes
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.
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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