Karooooo (NASDAQ:KARO) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Karooooo (NASDAQ:KARO) from a hold rating to a buy rating in a research report sent to investors on Monday morning.

A number of other research analysts have also weighed in on KARO. Freedom Capital lowered Karooooo from a “strong-buy” rating to a “hold” rating in a report on Friday, July 17th. Zacks Research downgraded Karooooo from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 5th. UBS Group reaffirmed a “buy” rating and set a $75.00 price target on shares of Karooooo in a report on Thursday, July 16th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Karooooo in a research report on Friday, April 24th. Finally, Raymond James Financial upped their price objective on shares of Karooooo from $60.00 to $75.00 and gave the company an “outperform” rating in a report on Friday, July 17th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Karooooo currently has a consensus rating of “Moderate Buy” and a consensus target price of $73.50.

Karooooo Stock Performance

Shares of KARO opened at $61.39 on Monday. The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of 31.16 and a beta of 0.85. The firm has a fifty day simple moving average of $57.56 and a 200 day simple moving average of $51.57. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.15. Karooooo has a 12 month low of $41.25 and a 12 month high of $67.14.

Karooooo (NASDAQ:KARO) last issued its earnings results on Thursday, July 16th. The company reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.08. The business had revenue of $96.26 million for the quarter. Karooooo had a net margin of 17.74% and a return on equity of 32.03%. Research analysts forecast that Karooooo will post 2.41 EPS for the current fiscal year.

Insider Transactions at Karooooo

In other Karooooo news, CEO Isaias Jose Calisto sold 978 shares of the company’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $63.30, for a total value of $61,907.40. Following the transaction, the chief executive officer directly owned 17,648,745 shares of the company’s stock, valued at $1,117,165,558.50. This represents a 0.01% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In the last ninety days, insiders sold 269,213 shares of company stock valued at $17,307,104. Insiders own 74.73% of the company’s stock.

Institutional Investors Weigh In On Karooooo

A number of hedge funds and other institutional investors have recently modified their holdings of KARO. Geode Capital Management LLC boosted its position in shares of Karooooo by 56.6% in the second quarter. Geode Capital Management LLC now owns 29,892 shares of the company’s stock valued at $1,464,000 after acquiring an additional 10,799 shares during the period. JPMorgan Chase & Co. grew its position in Karooooo by 216.0% during the second quarter. JPMorgan Chase & Co. now owns 8,089 shares of the company’s stock worth $396,000 after buying an additional 5,529 shares in the last quarter. Russell Investments Group Ltd. bought a new position in Karooooo during the 2nd quarter worth $1,378,000. New York State Common Retirement Fund increased its stake in Karooooo by 465.6% during the 2nd quarter. New York State Common Retirement Fund now owns 3,258 shares of the company’s stock worth $160,000 after acquiring an additional 2,682 shares during the period. Finally, Quantbot Technologies LP acquired a new position in Karooooo in the 2nd quarter valued at $156,000.

About Karooooo

Karooooo Ltd is a global provider of telematics software-as-a-service solutions for vehicle and fleet management. Through its flagship platform, the company delivers real-time GPS tracking, stolen vehicle recovery and driver behaviour analytics, enabling commercial fleets and automotive insurers to optimise operations, increase safety and reduce costs.

Karooooo’s SaaS platform integrates proprietary hardware devices with cloud-based analytics and mobile applications. Customers gain access to live vehicle location data, engine diagnostics, route planning tools and customizable reporting dashboards.