Karooooo Ltd. (NASDAQ:KARO) Short Interest Down 14.5% in March

Karooooo Ltd. (NASDAQ:KARO) was the recipient of a large drop in short interest during the month of March. As of March 31st, there was short interest totalling 11,200 shares, a drop of 14.5% from the March 15th total of 13,100 shares. Currently, 0.2% of the shares of the company are sold short. Based on an average daily trading volume, of 7,700 shares, the days-to-cover ratio is currently 1.5 days.

Karooooo Price Performance

Shares of KARO stock opened at $26.10 on Friday. The stock has a 50 day moving average of $25.38 and a two-hundred day moving average of $24.51. The company has a current ratio of 1.38, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. Karooooo has a 12 month low of $18.59 and a 12 month high of $27.00. The company has a market capitalization of $558.02 million, a P/E ratio of 22.12 and a beta of 1.15.

Karooooo (NASDAQ:KARO) last announced its quarterly earnings data on Monday, January 22nd. The company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.05. The company had revenue of $57.36 million during the quarter, compared to the consensus estimate of $51.99 million. Karooooo had a return on equity of 25.26% and a net margin of 16.67%. As a group, equities analysts expect that Karooooo will post 1.21 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on KARO shares. Morgan Stanley lowered their target price on Karooooo from $34.00 to $31.00 and set an “overweight” rating on the stock in a report on Wednesday, January 24th. Raymond James raised their price objective on Karooooo from $26.00 to $29.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 24th.

Hedge Funds Weigh In On Karooooo

Several hedge funds and other institutional investors have recently modified their holdings of KARO. Barclays PLC lifted its position in shares of Karooooo by 163.9% during the 4th quarter. Barclays PLC now owns 14,320 shares of the company’s stock worth $333,000 after buying an additional 8,894 shares during the period. Millennium Management LLC raised its position in Karooooo by 30.1% in the 4th quarter. Millennium Management LLC now owns 20,870 shares of the company’s stock valued at $495,000 after purchasing an additional 4,828 shares during the last quarter. BlackRock Inc. raised its position in Karooooo by 108.7% in the 1st quarter. BlackRock Inc. now owns 6,535 shares of the company’s stock valued at $152,000 after purchasing an additional 3,404 shares during the last quarter. Geode Capital Management LLC raised its position in Karooooo by 14.3% in the 1st quarter. Geode Capital Management LLC now owns 18,218 shares of the company’s stock valued at $428,000 after purchasing an additional 2,277 shares during the last quarter. Finally, Schwartz Investment Counsel Inc. raised its position in Karooooo by 2.0% in the 3rd quarter. Schwartz Investment Counsel Inc. now owns 51,685 shares of the company’s stock valued at $1,029,000 after purchasing an additional 1,000 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.