Karooooo (NASDAQ:KARO) Sees Unusually-High Trading Volume

Karooooo Ltd. (NASDAQ:KARO) shares saw unusually-strong trading volume on Wednesday . Approximately 12,702 shares changed hands during mid-day trading, an increase of 49% from the previous session’s volume of 8,501 shares.The stock last traded at $31.04 and had previously closed at $30.61.

Analysts Set New Price Targets

Separately, Morgan Stanley reiterated an “overweight” rating and issued a $31.00 price objective on shares of Karooooo in a report on Monday, April 22nd.

Karooooo Price Performance

The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.06. The company has a fifty day moving average price of $29.72 and a two-hundred day moving average price of $26.80. The firm has a market cap of $657.44 million, a P/E ratio of 24.10 and a beta of 1.00.

Karooooo (NASDAQ:KARO) last released its quarterly earnings results on Wednesday, May 15th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.03. The company had revenue of $57.64 million during the quarter, compared to analysts’ expectations of $55.54 million. Karooooo had a net margin of 17.54% and a return on equity of 27.24%. Equities analysts anticipate that Karooooo Ltd. will post 1.55 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Gladius Capital Management LP boosted its holdings in shares of Karooooo by 7.9% in the 3rd quarter. Gladius Capital Management LP now owns 6,197 shares of the company’s stock valued at $123,000 after buying an additional 454 shares during the last quarter. Acadian Asset Management LLC acquired a new position in shares of Karooooo during the 1st quarter worth about $67,000. Jupiter Asset Management Ltd. raised its holdings in shares of Karooooo by 2.6% in the 1st quarter. Jupiter Asset Management Ltd. now owns 198,392 shares of the company’s stock valued at $4,972,000 after purchasing an additional 5,002 shares during the period. Finally, Swedbank AB bought a new position in Karooooo during the first quarter worth about $2,387,000.

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.