Karooooo (NASDAQ:KARO) Sees Unusually-High Trading Volume – Here’s What Happened

Karooooo Ltd. (NASDAQ:KARO) shares saw unusually-strong trading volume on Monday . Approximately 43,152 shares traded hands during trading, an increase of 178% from the previous session’s volume of 15,500 shares.The stock last traded at $39.75 and had previously closed at $39.50.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley raised 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 Price Performance

The stock has a market capitalization of $850.92 million, a price-to-earnings ratio of 31.34 and a beta of 1.01. The company has a 50-day moving average of $37.94 and a 200-day moving average of $32.50. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.52 and a current ratio of 1.52.

Karooooo (NASDAQ:KARO) last released its earnings results on Thursday, July 18th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.03. Karooooo had a net margin of 18.70% and a return on equity of 27.88%. The business had revenue of $58.29 million for the quarter, compared to analysts’ expectations of $58.54 million. As a group, equities research analysts expect that Karooooo Ltd. will post 1.48 earnings per share for the current fiscal 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 issued a $1.08 dividend. The ex-dividend date was Thursday, August 8th. This represents a $4.32 dividend on an annualized basis and a yield of 10.85%. This is an increase from Karooooo’s previous quarterly dividend of $0.85. Karooooo’s dividend payout ratio is currently 340.16%.

Institutional Inflows and Outflows

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

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.