Zacks Research Upgrades Karooooo (NASDAQ:KARO) to Strong-Buy

Karooooo (NASDAQ:KARO) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other research firms also recently weighed in on KARO. UBS Group cut their target price on Karooooo from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, May 15th. Needham & Company LLC reissued a “buy” rating on shares of Karooooo in a research note on Wednesday, June 3rd. Weiss Ratings restated a “buy (b-)” rating on shares of Karooooo in a report on Friday, April 24th. Roth Capital reaffirmed a “buy” rating and set a $68.00 target price on shares of Karooooo in a research note on Thursday, May 14th. Finally, Wall Street Zen lowered Karooooo from a “buy” rating to a “hold” rating in a report on Sunday, June 21st. One investment analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company. Based on data from MarketBeat, Karooooo presently has a consensus rating of “Buy” and an average price target of $60.75.

Karooooo Price Performance

Shares of NASDAQ KARO opened at $57.73 on Tuesday. The stock has a market cap of $1.78 billion, a P/E ratio of 31.21 and a beta of 0.89. The firm’s 50-day simple moving average is $48.78 and its 200 day simple moving average is $48.21. Karooooo has a fifty-two week low of $41.25 and a fifty-two week high of $60.53. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.17.

Karooooo (NASDAQ:KARO) last issued its quarterly earnings results on Tuesday, April 14th. The company reported $0.45 earnings per share for the quarter. The company had revenue of $90.93 million during the quarter. Karooooo had a net margin of 18.07% and a return on equity of 31.26%. Equities analysts expect that Karooooo will post 2.37 EPS for the current year.

Institutional Investors Weigh In On Karooooo

Institutional investors have recently bought and sold shares of the business. Fideuram Asset Management Ireland dac acquired a new position in shares of Karooooo in the 4th quarter valued at about $80,000. Royal Bank of Canada boosted its holdings in shares of Karooooo by 852.9% during the fourth quarter. Royal Bank of Canada now owns 2,954 shares of the company’s stock worth $135,000 after purchasing an additional 2,644 shares during the period. Quantbot Technologies LP acquired a new stake in shares of Karooooo during the second quarter worth approximately $156,000. New York State Common Retirement Fund grew its position in Karooooo by 465.6% during the second quarter. New York State Common Retirement Fund now owns 3,258 shares of the company’s stock valued at $160,000 after purchasing an additional 2,682 shares in the last quarter. Finally, State of Tennessee Department of Treasury acquired a new position in Karooooo in the 2nd quarter valued at approximately $214,000.

Karooooo Company Profile

Karooooo Ltd is a global provider of telematics software-as-a-service solutions for vehicle and fleet management. Through its flagship platform, the company delivers real-time GPS tracking, stolen vehicle recovery and driver behaviour analytics, enabling commercial fleets and automotive insurers to optimise operations, increase safety and reduce costs.

Karooooo’s SaaS platform integrates proprietary hardware devices with cloud-based analytics and mobile applications. Customers gain access to live vehicle location data, engine diagnostics, route planning tools and customizable reporting dashboards.