Raymond James Reiterates Outperform Rating for Karooooo (NASDAQ:KARO)

Karooooo (NASDAQ:KARO)‘s stock had its “outperform” rating restated by equities research analysts at Raymond James in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $51.00 price objective on the stock, up from their prior price objective of $46.00. Raymond James’ target price would suggest a potential upside of 12.33% from the stock’s current price.

Karooooo Price Performance

Shares of NASDAQ KARO opened at $45.40 on Thursday. The stock has a fifty day moving average price of $44.93 and a 200 day moving average price of $39.90. Karooooo has a 1-year low of $23.35 and a 1-year high of $50.54. The company has a quick ratio of 1.17, a current ratio of 1.18 and a debt-to-equity ratio of 0.15.

Karooooo (NASDAQ:KARO) last released its earnings results on Tuesday, January 14th. The company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.38 by $0.05. Karooooo had a net margin of 19.29% and a return on equity of 29.39%. On average, research analysts anticipate that Karooooo will post 1.61 EPS for the current year.

Hedge Funds Weigh In On Karooooo

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Acadian Asset Management LLC lifted its holdings in shares of Karooooo by 50.6% in the 2nd quarter. Acadian Asset Management LLC now owns 4,096 shares of the company’s stock valued at $116,000 after buying an additional 1,377 shares during the period. Quadrature Capital Ltd purchased a new position in Karooooo in the third quarter worth $216,000. Walleye Capital LLC acquired a new stake in Karooooo in the third quarter valued at $323,000. Renaissance Technologies LLC boosted its position in shares of Karooooo by 23.3% during the 2nd 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. Finally, Gladius Capital Management LP grew its stake in shares of Karooooo by 124.2% during the 3rd quarter. Gladius Capital Management LP now owns 14,513 shares of the company’s stock worth $575,000 after purchasing an additional 8,041 shares during the period.

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.