Karooooo (NASDAQ:KARO) Trading Down 7.4% on Disappointing Earnings

Karooooo Ltd. (NASDAQ:KARO)’s stock price dropped 7.4% during trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $43.50 and last traded at $43.95. Approximately 55,749 shares were traded during trading, a decline of 5% from the average daily volume of 58,889 shares. The stock had previously closed at $47.47.

The company reported $0.45 earnings per share for the quarter. The firm had revenue of $90.93 million for the quarter. Karooooo had a net margin of 19.45% and a return on equity of 31.83%.

Analysts Set New Price Targets

Several analysts have commented on the stock. Weiss Ratings reissued a “buy (b-)” rating on shares of Karooooo in a research report on Friday, April 24th. Wall Street Zen raised shares of Karooooo from a “hold” rating to a “buy” rating in a research report on Saturday, April 11th. Finally, Roth Mkm assumed coverage on shares of Karooooo in a research report on Tuesday, February 17th. They issued a “buy” rating and a $62.00 target price for the company. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Karooooo presently has an average rating of “Moderate Buy” and a consensus target price of $59.00.

Institutional Trading of Karooooo

Large investors have recently modified their holdings of the company. Jones Financial Companies Lllp boosted its holdings in shares of Karooooo by 159.4% during the 3rd quarter. Jones Financial Companies Lllp now owns 804 shares of the company’s stock worth $46,000 after buying an additional 494 shares during the period. Murphy & Mullick Capital Management Corp boosted its holdings in shares of Karooooo by 260.0% during the 3rd quarter. Murphy & Mullick Capital Management Corp now owns 900 shares of the company’s stock worth $51,000 after buying an additional 650 shares during the period. Fideuram Asset Management Ireland dac bought a new stake in shares of Karooooo during the 4th quarter worth $80,000. Royal Bank of Canada boosted its holdings in shares of Karooooo by 852.9% during the 4th quarter. Royal Bank of Canada now owns 2,954 shares of the company’s stock worth $135,000 after buying an additional 2,644 shares during the period. Finally, Quantbot Technologies LP bought a new stake in shares of Karooooo during the 2nd quarter worth $156,000.

Karooooo Trading Down 9.0%

The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.06. The company’s fifty day moving average is $48.93 and its 200-day moving average is $47.21. The firm has a market capitalization of $1.33 billion, a P/E ratio of 23.39 and a beta of 0.92.

About Karooooo

Karooooo Ltd is a global provider of telematics software-as-a-service solutions for vehicle and fleet management. Through its flagship platform, the company delivers real-time GPS tracking, stolen vehicle recovery and driver behaviour analytics, enabling commercial fleets and automotive insurers to optimise operations, increase safety and reduce costs.

Karooooo’s SaaS platform integrates proprietary hardware devices with cloud-based analytics and mobile applications. Customers gain access to live vehicle location data, engine diagnostics, route planning tools and customizable reporting dashboards.