Karooooo (NASDAQ:KARO) Sees Large Volume Increase – Here’s What Happened

Shares of Karooooo Ltd. (NASDAQ:KARO) saw an uptick in trading volume on Monday . 157,899 shares traded hands during mid-day trading, an increase of 149% from the previous session’s volume of 63,449 shares.The stock last traded at $49.0780 and had previously closed at $47.70.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on KARO. Roth Mkm reaffirmed a “buy” rating and set a $68.00 target price on shares of Karooooo in a research report on Thursday, May 14th. Wall Street Zen cut Karooooo from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. UBS Group reduced their price target on shares of Karooooo from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, May 15th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Karooooo in a report on Friday, April 24th. Six research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $59.20.

Karooooo Trading Up 3.6%

The company has a debt-to-equity ratio of 0.17, a current ratio of 1.06 and a quick ratio of 1.05. The business’s 50 day simple moving average is $48.90 and its 200 day simple moving average is $47.40. The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of 26.53 and a beta of 0.89.

Karooooo (NASDAQ:KARO) last issued its quarterly earnings results on Tuesday, April 14th. The company reported $0.45 earnings per share (EPS) for the quarter. The business had revenue of $90.93 million for the quarter. Karooooo had a net margin of 18.07% and a return on equity of 31.26%. Research analysts anticipate that Karooooo Ltd. will post 2.37 EPS for the current year.

Karooooo Increases Dividend

The business also recently disclosed an annual dividend, which will be paid on Monday, July 27th. Investors of record on Friday, July 17th will be issued a dividend of $1.50 per share. This is an increase from Karooooo’s previous annual dividend of $1.25. This represents a yield of 347.0%. The ex-dividend date of this dividend is Friday, July 17th. Karooooo’s payout ratio is presently 67.57%.

Institutional Trading of Karooooo

Several institutional investors and hedge funds have recently modified their holdings of the business. Capricorn Fund Managers Ltd lifted its stake in shares of Karooooo by 39.4% during the fourth quarter. Capricorn Fund Managers Ltd now owns 238,078 shares of the company’s stock valued at $10,833,000 after buying an additional 67,322 shares during the period. Marshall Wace LLP increased its position in shares of Karooooo by 699.1% in the second quarter. Marshall Wace LLP now owns 55,602 shares of the company’s stock worth $2,723,000 after acquiring an additional 48,644 shares in the last quarter. Two Sigma Investments LP increased its position in shares of Karooooo by 115.4% in the third quarter. Two Sigma Investments LP now owns 74,130 shares of the company’s stock worth $4,234,000 after acquiring an additional 39,709 shares in the last quarter. Aurora Investment Counsel acquired a new stake in shares of Karooooo in the fourth quarter worth $1,651,000. Finally, Russell Investments Group Ltd. acquired a new stake in shares of Karooooo in the second quarter worth $1,378,000.

Karooooo Company Profile

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.