Karooooo (NASDAQ:KARO) Sees Large Volume Increase

Shares of Karooooo Ltd. (NASDAQ:KARO) saw unusually-high trading volume on Monday . Approximately 8,237 shares changed hands during mid-day trading, a decline of 43% from the previous session’s volume of 14,425 shares.The stock last traded at $37.78 and had previously closed at $38.11.

Analysts Set New Price Targets

Separately, Morgan Stanley increased their price objective on shares of Karooooo from $31.00 to $37.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th.

Karooooo Price Performance

The company has a debt-to-equity ratio of 0.05, a current ratio of 1.52 and a quick ratio of 1.52. The company’s 50-day moving average price is $35.73 and its two-hundred day moving average price is $30.82. The company has a market capitalization of $819.07 million, a P/E ratio of 30.17 and a beta of 1.01.

Karooooo (NASDAQ:KARO) last released its quarterly earnings results on Thursday, July 18th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.36 by $0.03. Karooooo had a net margin of 18.70% and a return on equity of 27.88%. The business had revenue of $58.29 million for the quarter, compared to the consensus estimate of $58.54 million. As a group, sell-side analysts expect that Karooooo Ltd. will post 1.48 EPS for the current year.

Karooooo Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Thursday, August 8th were paid a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a yield of 11.28%. This is an increase from Karooooo’s previous quarterly dividend of $0.85. The ex-dividend date was Thursday, August 8th. Karooooo’s dividend payout ratio is presently 340.16%.

Institutional Investors Weigh In On Karooooo

A number of hedge funds have recently made changes to their positions in the stock. Jupiter Asset Management Ltd. boosted its position in Karooooo by 2.6% during the 1st quarter. Jupiter Asset Management Ltd. now owns 198,392 shares of the company’s stock worth $4,972,000 after buying an additional 5,002 shares during the period. Acadian Asset Management LLC acquired a new position in shares of Karooooo in the 1st quarter worth approximately $67,000. Swedbank AB acquired a new position in shares of Karooooo in the 1st quarter worth approximately $2,387,000. Schwarz Dygos Wheeler Investment Advisors LLC lifted its position in shares of Karooooo by 1.2% in the 2nd quarter. Schwarz Dygos Wheeler Investment Advisors LLC now owns 175,349 shares of the company’s stock worth $5,138,000 after purchasing an additional 2,000 shares during the period. Finally, Renaissance Technologies LLC lifted its position in shares of Karooooo by 23.3% in the 2nd quarter. Renaissance Technologies LLC now owns 17,757 shares of the company’s stock worth $520,000 after purchasing an additional 3,356 shares during the period.

About Karooooo

Karooooo Ltd. provides mobility software-as-a-service (SaaS) platform for connected vehicles in South Africa, rest of Africa, Europe, the Asia-Pacific, the Middle East, and the United States. The company offers Fleet Telematics, a fleet management SaaS platform that provides real-time insights; LiveVision, which offers pro-active risk management and fleet visibility; MiFleet advanced fleet administration and business intelligence that provides cost management and administration capability services; and Karooooo Logistics, a software application for management of last mile delivery and general operational logistics.