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

Shares of Karooooo Ltd. (NASDAQ:KARO) saw strong trading volume on Monday . 24,006 shares were traded during trading, an increase of 60% from the previous session’s volume of 14,998 shares.The stock last traded at $39.60 and had previously closed at $40.02.

Analysts Set New Price Targets

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

Karooooo Trading Down 1.8 %

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 stock’s 50-day moving average is $36.51 and its two-hundred day moving average is $31.34. The stock has a market cap of $840.45 million, a P/E ratio of 30.95 and a beta of 1.01.

Karooooo (NASDAQ:KARO) last issued its earnings results on Thursday, July 18th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.03. Karooooo had a net margin of 18.70% and a return on equity of 27.88%. The firm had revenue of $58.29 million during the quarter, compared to analyst estimates of $58.54 million. Equities research analysts anticipate that Karooooo Ltd. will post 1.48 EPS for the current 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 given a dividend of $1.08 per share. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $4.32 annualized dividend and a yield of 10.99%. This is a positive change from Karooooo’s previous quarterly dividend of $0.85. Karooooo’s dividend payout ratio (DPR) is 340.16%.

Hedge Funds Weigh In On Karooooo

A number of institutional investors and hedge funds have recently modified their holdings of KARO. Acadian Asset Management LLC bought a new position in Karooooo during the 1st quarter valued at about $67,000. Renaissance Technologies LLC boosted its position 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 buying an additional 3,356 shares during the period. Swedbank AB bought a new position in shares of Karooooo during the first quarter valued at approximately $2,387,000. Jupiter Asset Management Ltd. raised its holdings in shares of Karooooo by 2.6% in the first quarter. Jupiter Asset Management Ltd. now owns 198,392 shares of the company’s stock worth $4,972,000 after buying an additional 5,002 shares during the period. Finally, Schwarz Dygos Wheeler Investment Advisors LLC lifted its stake 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 worth $5,138,000 after acquiring an additional 2,000 shares during the last quarter.

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.