Karooooo (NASDAQ:KARO) Sets New 1-Year High After Analyst Upgrade

Karooooo Ltd. (NASDAQ:KARO)’s share price reached a new 52-week high during trading on Friday after Raymond James raised their price target on the stock from $51.00 to $58.00. Raymond James currently has an outperform rating on the stock. Karooooo traded as high as $51.00 and last traded at $50.25, with a volume of 52453 shares traded. The stock had previously closed at $44.90.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of KARO. New York State Common Retirement Fund acquired a new stake in shares of Karooooo in the 4th quarter valued at $26,000. Squarepoint Ops LLC lifted its holdings in Karooooo by 6.8% during the 4th quarter. Squarepoint Ops LLC now owns 9,494 shares of the company’s stock valued at $429,000 after purchasing an additional 602 shares during the last quarter. Lazard Asset Management LLC boosted its position in Karooooo by 17.5% in the fourth quarter. Lazard Asset Management LLC now owns 4,961 shares of the company’s stock valued at $223,000 after buying an additional 740 shares in the last quarter. Jupiter Asset Management Ltd. grew its stake in Karooooo by 0.6% during the fourth quarter. Jupiter Asset Management Ltd. now owns 236,972 shares of the company’s stock worth $10,699,000 after buying an additional 1,387 shares during the last quarter. Finally, Polen Capital Management LLC increased its holdings in shares of Karooooo by 24.8% during the fourth quarter. Polen Capital Management LLC now owns 13,273 shares of the company’s stock worth $599,000 after buying an additional 2,639 shares in the last quarter.

Karooooo Stock Up 8.4%

The business’s 50 day moving average price is $42.14 and its 200-day moving average price is $43.96. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.25 and a quick ratio of 1.24. The company has a market cap of $1.68 billion, a P/E ratio of 34.92 and a beta of 1.03.

Karooooo (NASDAQ:KARO) last released its quarterly earnings results on Wednesday, May 14th. The company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.07. Karooooo had a return on equity of 30.29% and a net margin of 19.87%. The firm had revenue of $65.12 million during the quarter, compared to analysts’ expectations of $1.18 billion. During the same period last year, the firm posted $6.81 EPS. On average, analysts anticipate that Karooooo Ltd. will post 1.57 earnings per share for the current fiscal year.

Karooooo Company Profile

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.