Karooooo (NASDAQ:KARO) Shares Gap Up to $35.00

Shares of Karooooo Ltd. (NASDAQ:KARO) gapped up before the market opened on Thursday . The stock had previously closed at $35.00, but opened at $36.91. Karooooo shares last traded at $36.81, with a volume of 5,070 shares.

Analysts Set New Price Targets

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

Karooooo Stock Up 5.9 %

The firm has a 50 day moving average price of $35.04 and a 200-day moving average price of $30.28. The firm has a market cap of $828.48 million, a price-to-earnings ratio of 30.51 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 released its earnings results on Thursday, July 18th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.03. The company 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, equities analysts predict that Karooooo Ltd. will post 1.51 EPS for the current fiscal year.

Karooooo Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Thursday, August 8th were paid a $1.08 dividend. The ex-dividend date was Thursday, August 8th. This is a boost from Karooooo’s previous quarterly dividend of $0.85. This represents a $4.32 dividend on an annualized basis and a yield of 11.15%. Karooooo’s dividend payout ratio (DPR) is presently 340.16%.

Institutional Trading of Karooooo

Institutional investors have recently bought and sold shares of the business. Swedbank AB bought a new position in shares of Karooooo in the 1st quarter worth $2,387,000. Jupiter Asset Management Ltd. grew its position in shares of Karooooo by 5.4% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 209,097 shares of the company’s stock worth $6,001,000 after buying an additional 10,705 shares during the period. Renaissance Technologies LLC grew 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 buying an additional 3,356 shares during the period. Acadian Asset Management LLC bought a new stake in shares of Karooooo in the 1st quarter valued at about $67,000. Finally, Schwarz Dygos Wheeler Investment Advisors LLC raised its position in shares of Karooooo by 1.2% in 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 acquiring an additional 2,000 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.