Karooooo Ltd. (NASDAQ:KARO – Get Free Report) shares saw an uptick in trading volume on Wednesday following a better than expected earnings announcement. 26,529 shares changed hands during mid-day trading, a decline of 35% from the previous session’s volume of 41,118 shares.The stock last traded at $44.68 and had previously closed at $47.49.
The company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. Karooooo had a return on equity of 29.39% and a net margin of 19.29%.
Institutional Trading of Karooooo
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Acadian Asset Management LLC lifted its position in Karooooo by 50.6% in the second quarter. Acadian Asset Management LLC now owns 4,096 shares of the company’s stock valued at $116,000 after purchasing an additional 1,377 shares during the last quarter. Quadrature Capital Ltd purchased a new stake in shares of Karooooo during the third quarter valued at approximately $216,000. Walleye Capital LLC purchased a new stake in shares of Karooooo during the third quarter valued at approximately $323,000. Gladius Capital Management LP boosted its stake in shares of Karooooo by 124.2% during the third quarter. Gladius Capital Management LP now owns 14,513 shares of the company’s stock valued at $575,000 after purchasing an additional 8,041 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in shares of Karooooo by 23.3% during the second quarter. Renaissance Technologies LLC now owns 17,757 shares of the company’s stock valued at $520,000 after purchasing an additional 3,356 shares during the period.
Karooooo Stock Performance
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.
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