Karooooo (NASDAQ:KARO) Trading 8.9% Higher – What’s Next?

Karooooo Ltd. (NASDAQ:KARO)’s share price was up 8.9% on Friday . The stock traded as high as $43.49 and last traded at $43.19. Approximately 44,768 shares were traded during trading, an increase of 184% from the average daily volume of 15,780 shares. The stock had previously closed at $39.65.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley boosted their price target on Karooooo from $31.00 to $37.00 and gave the company an “overweight” rating in a research note on Thursday, July 11th.

Karooooo Trading Up 10.2 %

The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.52 and a current ratio of 1.52. The firm has a market cap of $934.31 million, a PE ratio of 34.41 and a beta of 1.01. The company has a 50 day simple moving average of $38.13 and a two-hundred day simple moving average of $32.78.

Karooooo (NASDAQ:KARO) last issued its earnings results on Thursday, July 18th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.03. Karooooo had a return on equity of 27.88% and a net margin of 18.70%. The firm had revenue of $58.29 million for the quarter, compared to the consensus estimate of $58.54 million. Analysts expect that Karooooo Ltd. will post 1.48 EPS for the current fiscal year.

Karooooo Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 8th were paid a $1.08 dividend. This is an increase from Karooooo’s previous quarterly dividend of $0.85. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 9.89%. Karooooo’s dividend payout ratio is presently 340.16%.

Institutional Trading of Karooooo

Hedge funds have recently modified their holdings of the stock. Jupiter Asset Management Ltd. boosted its position in Karooooo by 2.6% during the first quarter. Jupiter Asset Management Ltd. now owns 198,392 shares of the company’s stock worth $4,972,000 after purchasing an additional 5,002 shares in the last quarter. Acadian Asset Management LLC purchased a new position in Karooooo during the first quarter worth approximately $67,000. Swedbank AB purchased a new position in Karooooo during the first quarter worth approximately $2,387,000. Schwarz Dygos Wheeler Investment Advisors LLC boosted its position in Karooooo by 1.2% during the second 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 in the last quarter. Finally, Renaissance Technologies LLC boosted its position in Karooooo by 23.3% during the second quarter. Renaissance Technologies LLC now owns 17,757 shares of the company’s stock worth $520,000 after purchasing an additional 3,356 shares in the last quarter.

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.