Karooooo (NASDAQ:KARO) Sees Strong Trading Volume

Shares of Karooooo Ltd. (NASDAQ:KARO) saw unusually-strong trading volume on Monday . Approximately 24,006 shares changed hands during trading, an increase of 60% from the previous session’s volume of 14,998 shares.The stock last traded at $39.60 and had previously closed at $40.02.

Analyst Upgrades and Downgrades

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

Karooooo Price Performance

The firm’s 50 day moving average is $36.51 and its 200 day moving average is $31.34. The firm has a market cap of $840.45 million, a P/E ratio of 30.95 and a beta of 1.01. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.52 and a quick ratio of 1.52.

Karooooo (NASDAQ:KARO) last issued its earnings results on Thursday, July 18th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.03. The firm had revenue of $58.29 million for the quarter, compared to the consensus estimate of $58.54 million. Karooooo had a net margin of 18.70% and a return on equity of 27.88%. As a group, analysts anticipate that Karooooo Ltd. will post 1.48 earnings per share for the current year.

Karooooo Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 8th were issued a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a dividend yield of 10.99%. This is a boost from Karooooo’s previous quarterly dividend of $0.85. The ex-dividend date was Thursday, August 8th. Karooooo’s payout ratio is presently 340.16%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in KARO. Jupiter Asset Management Ltd. increased its stake in shares of Karooooo by 2.6% in the first 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 purchased a new stake in shares of Karooooo in the first quarter worth $67,000. Swedbank AB purchased a new stake in shares of Karooooo in the first quarter worth $2,387,000. Schwarz Dygos Wheeler Investment Advisors LLC increased its stake in shares of Karooooo by 1.2% in the second quarter. Schwarz Dygos Wheeler Investment Advisors LLC now owns 175,349 shares of the company’s stock worth $5,138,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of Karooooo by 23.3% in the second quarter. Renaissance Technologies LLC now owns 17,757 shares of the company’s stock worth $520,000 after purchasing 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.