Karooooo (NASDAQ:KARO) Trading 4.9% Higher

Karooooo Ltd. (NASDAQ:KARO)’s stock price shot up 4.9% during trading on Wednesday . The stock traded as high as $38.80 and last traded at $38.80. 3,046 shares were traded during trading, a decline of 80% from the average session volume of 15,212 shares. The stock had previously closed at $37.00.

Wall Street Analyst Weigh In

Separately, Morgan Stanley raised their price target on Karooooo from $31.00 to $37.00 and gave the stock an “overweight” rating in a report on Thursday, July 11th.

Karooooo Stock Performance

The firm has a market cap of $837.45 million, a price-to-earnings ratio of 29.13 and a beta of 1.01. The stock’s fifty day moving average is $37.32 and its two-hundred day moving average is $32.04. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.52 and a current ratio of 1.52.

Karooooo (NASDAQ:KARO) last announced its quarterly earnings results on Thursday, July 18th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.36 by $0.03. Karooooo had a net margin of 18.70% and a return on equity of 27.88%. The company had revenue of $58.29 million for the quarter, compared to analyst estimates of $58.54 million. On average, analysts expect 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. Stockholders of record on Thursday, August 8th were paid a $1.08 dividend. This is a boost from Karooooo’s previous quarterly dividend of $0.85. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $4.32 annualized dividend and a dividend yield of 11.03%. Karooooo’s dividend payout ratio is presently 340.16%.

Institutional Trading of Karooooo

A number of hedge funds and other institutional investors have recently made changes to their positions in KARO. Jupiter Asset Management Ltd. boosted its holdings in shares of Karooooo by 5.4% in the second quarter. Jupiter Asset Management Ltd. now owns 209,097 shares of the company’s stock valued at $6,001,000 after acquiring an additional 10,705 shares in the last quarter. Schwarz Dygos Wheeler Investment Advisors LLC increased its position in shares of Karooooo by 1.2% during 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 purchasing an additional 2,000 shares during the period. Swedbank AB raised its stake in shares of Karooooo by 26.0% in the 2nd quarter. Swedbank AB now owns 120,000 shares of the company’s stock worth $3,516,000 after buying an additional 24,746 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Karooooo by 23.3% in the second quarter. Renaissance Technologies LLC now owns 17,757 shares of the company’s stock valued at $520,000 after buying an additional 3,356 shares during the period. Finally, Acadian Asset Management LLC boosted its stake in Karooooo by 50.6% during the second 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 in the last quarter.

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.