Karooooo (NASDAQ:KARO) Trading 8.9% Higher – What’s Next?

Shares of Karooooo Ltd. (NASDAQ:KARO) traded up 8.9% on Friday . The stock traded as high as $43.49 and last traded at $43.19. 44,768 shares traded hands during mid-day trading, an increase of 184% from the average session volume of 15,780 shares. The stock had previously closed at $39.65.

Wall Street Analyst Weigh In

Separately, Morgan Stanley upped 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 Up 10.2 %

The firm has a market capitalization of $934.31 million, a PE ratio of 34.41 and a beta of 1.01. The company has a fifty day simple moving average of $38.13 and a two-hundred day simple moving average of $32.78. 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 quarterly earnings results on Thursday, July 18th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.36 by $0.03. The firm had revenue of $58.29 million during the quarter, compared to analyst estimates of $58.54 million. Karooooo had a return on equity of 27.88% and a net margin of 18.70%. Analysts forecast that Karooooo Ltd. will post 1.48 EPS for the current fiscal year.

Karooooo Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 8th were given a $1.08 dividend. This represents a $4.32 annualized dividend and a dividend yield of 9.89%. 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 Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Swedbank AB raised its position in shares of Karooooo by 26.0% in the 2nd quarter. Swedbank AB now owns 120,000 shares of the company’s stock worth $3,516,000 after acquiring an additional 24,746 shares in the last quarter. Acadian Asset Management LLC acquired a new position in Karooooo during the 1st quarter valued at about $67,000. Jupiter Asset Management Ltd. increased its position in Karooooo by 2.6% during the 1st quarter. Jupiter Asset Management Ltd. now owns 198,392 shares of the company’s stock valued at $4,972,000 after buying an additional 5,002 shares in the last quarter. Renaissance Technologies LLC increased its position in Karooooo by 23.3% during 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 in the last quarter. Finally, Schwarz Dygos Wheeler Investment Advisors LLC increased its position in Karooooo by 1.2% during 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 buying an additional 2,000 shares in 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.