Karooooo (NASDAQ:KARO) Shares Up 4.9%

Karooooo Ltd. (NASDAQ:KARO) shares were up 4.9% on Wednesday . The stock traded as high as $38.80 and last traded at $38.80. Approximately 3,046 shares were traded during trading, a decline of 80% from the average daily volume of 15,212 shares. The stock had previously closed at $37.00.

Analyst Ratings Changes

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

Karooooo Stock Performance

The firm’s fifty day simple moving average is $37.32 and its 200 day simple moving average is $32.04. The company has a market capitalization of $837.45 million, a price-to-earnings ratio of 29.13 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 posted its quarterly earnings data on Thursday, July 18th. The company reported $0.39 EPS 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. On average, sell-side analysts forecast that Karooooo Ltd. will post 1.48 EPS for the current year.

Karooooo Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Thursday, August 8th were given a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a yield of 11.03%. This is a positive change from Karooooo’s previous quarterly dividend of $0.85. The ex-dividend date was Thursday, August 8th. Karooooo’s payout ratio is presently 340.16%.

Institutional Investors Weigh In On Karooooo

Institutional investors have recently bought and sold shares of the business. Jupiter Asset Management Ltd. increased its holdings in shares of Karooooo by 5.4% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 209,097 shares of the company’s stock valued at $6,001,000 after purchasing an additional 10,705 shares during the period. Schwarz Dygos Wheeler Investment Advisors LLC boosted its holdings in shares of Karooooo by 1.2% during the second 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 during the period. Swedbank AB grew its position in Karooooo by 26.0% during the second quarter. Swedbank AB now owns 120,000 shares of the company’s stock valued at $3,516,000 after purchasing an additional 24,746 shares in the last quarter. Renaissance Technologies LLC increased its stake in Karooooo by 23.3% in the 2nd 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. Finally, Acadian Asset Management LLC lifted its position in Karooooo by 50.6% in the 2nd quarter. Acadian Asset Management LLC now owns 4,096 shares of the company’s stock worth $116,000 after buying an additional 1,377 shares in the last quarter.

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.