Karooooo Ltd. (NASDAQ:KARO) Sees Large Increase in Short Interest

Karooooo Ltd. (NASDAQ:KARO) was the recipient of a large increase in short interest in the month of June. As of June 15th, there was short interest totalling 18,800 shares, an increase of 12.6% from the May 31st total of 16,700 shares. Based on an average daily volume of 8,300 shares, the short-interest ratio is presently 2.3 days. Approximately 0.2% of the company’s shares are sold short.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of KARO. Gladius Capital Management LP increased its stake in Karooooo by 7.9% during the 3rd quarter. Gladius Capital Management LP now owns 6,197 shares of the company’s stock valued at $123,000 after purchasing an additional 454 shares in the last quarter. Swedbank AB bought a new stake in Karooooo during the 1st quarter valued at about $2,387,000. Acadian Asset Management LLC bought a new stake in Karooooo during the 1st quarter valued at about $67,000. Finally, Jupiter Asset Management Ltd. increased its stake in Karooooo by 2.6% during the 1st quarter. Jupiter Asset Management Ltd. now owns 198,392 shares of the company’s stock valued at $4,972,000 after purchasing an additional 5,002 shares in the last quarter.

Karooooo Price Performance

Shares of NASDAQ KARO opened at $30.61 on Wednesday. Karooooo has a 1 year low of $18.59 and a 1 year high of $37.11. The firm has a 50-day moving average of $29.72 and a 200 day moving average of $26.80. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.55 and a quick ratio of 1.55.

Karooooo (NASDAQ:KARO) last issued its quarterly earnings results on Wednesday, May 15th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. Karooooo had a net margin of 17.54% and a return on equity of 27.24%. The company had revenue of $57.64 million during the quarter, compared to analysts’ expectations of $55.54 million. Research analysts anticipate that Karooooo will post 1.55 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley reaffirmed an “overweight” rating and issued a $31.00 target price on shares of Karooooo in a research report on Monday, April 22nd.

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.