Karooooo Ltd. (NASDAQ:KARO) Short Interest Down 5.8% in August

Karooooo Ltd. (NASDAQ:KARO) was the recipient of a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 21,000 shares, a decline of 5.8% from the August 15th total of 22,300 shares. Based on an average daily volume of 26,100 shares, the days-to-cover ratio is currently 0.8 days. Currently, 0.3% of the company’s shares are short sold.

Analyst Ratings Changes

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

Institutional Investors Weigh In On Karooooo

Several hedge funds have recently bought and sold shares of KARO. Acadian Asset Management LLC bought a new stake in shares of Karooooo in the 1st quarter worth approximately $67,000. Renaissance Technologies LLC increased its holdings 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 acquiring an additional 3,356 shares in the last quarter. Swedbank AB purchased a new position in shares of Karooooo in the 1st quarter worth about $2,387,000. Jupiter Asset Management Ltd. raised its position 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 worth $4,972,000 after purchasing an additional 5,002 shares during the last quarter. Finally, Schwarz Dygos Wheeler Investment Advisors LLC boosted its stake in Karooooo by 1.2% in the 2nd quarter. Schwarz Dygos Wheeler Investment Advisors LLC now owns 175,349 shares of the company’s stock worth $5,138,000 after purchasing an additional 2,000 shares in the last quarter.

Karooooo Price Performance

KARO stock opened at $41.23 on Wednesday. The firm has a 50-day moving average of $36.05 and a 200 day moving average of $31.04. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.52 and a quick ratio of 1.52. The company has a market cap of $881.50 million, a P/E ratio of 32.46 and a beta of 1.01. Karooooo has a 1 year low of $18.59 and a 1 year high of $42.98.

Karooooo (NASDAQ:KARO) last released its earnings results on Thursday, July 18th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.03. The company had revenue of $58.29 million during the quarter, compared to analysts’ expectations of $58.54 million. Karooooo had a return on equity of 27.88% and a net margin of 18.70%. On average, sell-side analysts forecast that Karooooo will post 1.48 EPS for the current year.

Karooooo Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 8th were given a $1.08 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This is an increase from Karooooo’s previous quarterly dividend of $0.85. This represents a $4.32 dividend on an annualized basis and a dividend yield of 10.48%. Karooooo’s dividend payout ratio is currently 340.16%.

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.