Karooooo (NASDAQ:KARO) Sees Large Volume Increase

Karooooo Ltd. (NASDAQ:KARO) shares saw strong trading volume on Wednesday . 12,702 shares traded hands during trading, an increase of 49% from the previous session’s volume of 8,501 shares.The stock last traded at $31.04 and had previously closed at $30.61.

Analysts Set New Price Targets

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

Karooooo Stock Performance

The firm’s 50-day moving average is $29.73 and its 200 day moving average is $26.86. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.06.

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, topping analysts’ consensus estimates of $0.33 by $0.03. The firm had revenue of $57.64 million for the quarter, compared to the consensus estimate of $55.54 million. Karooooo had a net margin of 17.54% and a return on equity of 27.24%. On average, analysts expect that Karooooo Ltd. will post 1.55 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of KARO. Gladius Capital Management LP increased its stake 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 valued at $123,000 after acquiring an additional 454 shares in the last quarter. Swedbank AB bought a new stake in shares of Karooooo in the 1st quarter valued at $2,387,000. Acadian Asset Management LLC bought a new stake in shares of Karooooo in the 1st quarter valued at $67,000. Finally, Jupiter Asset Management Ltd. increased its stake in shares of Karooooo by 2.6% in the 1st quarter. Jupiter Asset Management Ltd. now owns 198,392 shares of the company’s stock valued at $4,972,000 after acquiring an additional 5,002 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.