Karooooo (NASDAQ:KARO) Trading Down 2.4%

Karooooo Ltd. (NASDAQ:KARO) shares dropped 2.4% on Wednesday . The company traded as low as $39.01 and last traded at $40.23. Approximately 31,852 shares traded hands during mid-day trading, an increase of 116% from the average daily volume of 14,771 shares. The stock had previously closed at $41.23.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley increased their price objective on shares of Karooooo from $31.00 to $37.00 and gave the company an “overweight” rating in a research note on Thursday, July 11th.

Karooooo Stock Down 6.0 %

The company has a market capitalization of $828.69 million, a P/E ratio of 31.90 and a beta of 1.01. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.05. The stock has a 50 day moving average price of $36.05 and a 200 day moving average price of $31.04.

Karooooo (NASDAQ:KARO) last announced its quarterly earnings results on Thursday, July 18th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.03. Karooooo had a return on equity of 27.88% and a net margin of 18.70%. The company had revenue of $58.29 million during the quarter, compared to analysts’ expectations of $58.54 million. On average, research analysts anticipate that Karooooo Ltd. will post 1.48 earnings per share for the current fiscal year.

Karooooo Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Thursday, August 8th were issued a dividend of $1.08 per share. This is an increase from Karooooo’s previous quarterly dividend of $0.85. This represents a $4.32 dividend on an annualized basis and a yield of 11.15%. The ex-dividend date was Thursday, August 8th. Karooooo’s dividend payout ratio (DPR) is presently 340.16%.

Hedge Funds Weigh In On Karooooo

A number of institutional investors and hedge funds have recently made changes to their positions in KARO. Jupiter Asset Management Ltd. boosted its position in shares of Karooooo by 2.6% during the 1st quarter. Jupiter Asset Management Ltd. now owns 198,392 shares of the company’s stock worth $4,972,000 after purchasing an additional 5,002 shares in the last quarter. Acadian Asset Management LLC bought a new position in Karooooo in the 1st quarter valued at about $67,000. Swedbank AB bought a new position in Karooooo in the 1st quarter valued at about $2,387,000. Schwarz Dygos Wheeler Investment Advisors LLC lifted its position in Karooooo by 1.2% in the 2nd quarter. Schwarz Dygos Wheeler Investment Advisors LLC now owns 175,349 shares of the company’s stock valued at $5,138,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in Karooooo by 23.3% in the 2nd quarter. Renaissance Technologies LLC now owns 17,757 shares of the company’s stock valued at $520,000 after acquiring an additional 3,356 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.