Karooooo (NASDAQ:KARO) Sees Strong Trading Volume

Karooooo Ltd. (NASDAQ:KARO) shares saw strong trading volume on Monday . 8,237 shares traded hands during mid-day trading, a decline of 43% from the previous session’s volume of 14,425 shares.The stock last traded at $37.78 and had previously closed at $38.11.

Analyst Upgrades and Downgrades

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

Karooooo Trading Down 6.0 %

The stock has a market cap of $828.69 million, a PE ratio of 31.90 and a beta of 1.01. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.52 and a current ratio of 1.52. The company has a 50 day moving average of $36.05 and a two-hundred day moving average of $31.04.

Karooooo (NASDAQ:KARO) last posted its quarterly earnings data on Thursday, July 18th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.03. The business 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%. Sell-side analysts anticipate that Karooooo Ltd. will post 1.48 earnings per share for the current fiscal year.

Karooooo Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 8th were paid a dividend of $1.08 per share. The ex-dividend date was Thursday, August 8th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 11.15%. This is a boost from Karooooo’s previous quarterly dividend of $0.85. Karooooo’s payout ratio is currently 340.16%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of KARO. Renaissance Technologies LLC increased its stake in 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 in the last quarter. Jupiter Asset Management Ltd. increased its position in shares of Karooooo by 5.4% during the second quarter. Jupiter Asset Management Ltd. now owns 209,097 shares of the company’s stock worth $6,001,000 after purchasing an additional 10,705 shares in the last quarter. Acadian Asset Management LLC raised its stake in Karooooo by 50.6% in the 2nd quarter. Acadian Asset Management LLC now owns 4,096 shares of the company’s stock valued at $116,000 after purchasing an additional 1,377 shares during the last quarter. Schwarz Dygos Wheeler Investment Advisors LLC lifted its holdings 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 valued at $5,138,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Swedbank AB boosted its stake in Karooooo by 26.0% during the 2nd quarter. Swedbank AB now owns 120,000 shares of the company’s stock worth $3,516,000 after purchasing an additional 24,746 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.