Karooooo (NASDAQ:KARO) Rating Reiterated by Morgan Stanley

Karooooo (NASDAQ:KARO)‘s stock had its “overweight” rating restated by investment analysts at Morgan Stanley in a note issued to investors on Monday, Benzinga reports. They currently have a $31.00 price target on the stock. Morgan Stanley’s price target would indicate a potential upside of 13.28% from the stock’s current price.

Separately, Raymond James increased their price objective on Karooooo from $26.00 to $29.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 24th.

Karooooo Price Performance

Shares of KARO opened at $27.37 on Monday. The stock has a 50 day moving average price of $25.66 and a 200 day moving average price of $24.87. The company has a quick ratio of 1.34, a current ratio of 1.38 and a debt-to-equity ratio of 0.06. Karooooo has a 52-week low of $18.59 and a 52-week high of $29.00.

Karooooo (NASDAQ:KARO) last issued its quarterly earnings data on Monday, January 22nd. The company reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.05. Karooooo had a return on equity of 25.26% and a net margin of 16.67%. The company had revenue of $57.36 million during the quarter, compared to analysts’ expectations of $51.99 million. Equities analysts predict that Karooooo will post 1.21 earnings per share for the current fiscal year.

Institutional Trading of Karooooo

A number of hedge funds have recently added to or reduced their stakes in the business. Barclays PLC raised its holdings in shares of Karooooo by 430.5% in the 2nd quarter. Barclays PLC now owns 4,546 shares of the company’s stock worth $106,000 after purchasing an additional 3,689 shares during the period. Gladius Capital Management LP raised its holdings in shares of Karooooo by 7.9% in the 3rd quarter. Gladius Capital Management LP now owns 6,197 shares of the company’s stock worth $123,000 after purchasing an additional 454 shares during the period. Schwartz Investment Counsel Inc. raised its holdings in shares of Karooooo by 2.0% in the 3rd quarter. Schwartz Investment Counsel Inc. now owns 51,685 shares of the company’s stock worth $1,029,000 after purchasing an additional 1,000 shares during the period. Finally, Jupiter Asset Management Ltd. raised its holdings in shares of Karooooo by 17.9% in the 3rd quarter. Jupiter Asset Management Ltd. now owns 196,873 shares of the company’s stock worth $3,920,000 after purchasing an additional 29,849 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.