Canaccord Genuity Group Lowers Karooooo (NASDAQ:KARO) Price Target to $45.00

Karooooo (NASDAQ:KAROGet Rating) had its price objective reduced by Canaccord Genuity Group from $48.00 to $45.00 in a research note issued to investors on Friday, The Fly reports.

A number of other analysts also recently issued reports on the company. Raymond James reaffirmed a maintains rating on shares of Karooooo in a research report on Friday. Stifel Nicolaus lowered their target price on Karooooo from $40.00 to $34.00 in a research report on Thursday, July 28th.

Karooooo Price Performance

NASDAQ:KARO opened at $28.70 on Friday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.82 and a current ratio of 1.90. The stock’s 50-day simple moving average is $23.31 and its 200 day simple moving average is $28.46. The company has a market cap of $613.69 million, a P/E ratio of 25.86 and a beta of 1.67. Karooooo has a 52-week low of $20.00 and a 52-week high of $40.81.

Hedge Funds Weigh In On Karooooo

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Jupiter Asset Management Ltd. grew its holdings in Karooooo by 27.5% during the first quarter. Jupiter Asset Management Ltd. now owns 140,612 shares of the company’s stock worth $4,085,000 after purchasing an additional 30,357 shares during the period. Schwartz Investment Counsel Inc. boosted its holdings in shares of Karooooo by 7.4% during the fourth quarter. Schwartz Investment Counsel Inc. now owns 24,828 shares of the company’s stock worth $1,012,000 after acquiring an additional 1,702 shares during the period. Finally, Vaughan Nelson Investment Management L.P. bought a new stake in shares of Karooooo during the second quarter worth approximately $128,000. Institutional investors own 28.51% of the company’s stock.

Karooooo Company Profile

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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.

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