Karooooo (NASDAQ:KARO) Sees Large Volume Increase – Still a Buy?

Shares of Karooooo Ltd. (NASDAQ:KARO) saw unusually-strong trading volume on Friday . Approximately 110,977 shares were traded during mid-day trading, an increase of 120% from the previous session’s volume of 50,548 shares.The stock last traded at $50.2180 and had previously closed at $48.96.

Analyst Ratings Changes

A number of research analysts have issued reports on KARO shares. Wall Street Zen upgraded Karooooo from a “hold” rating to a “buy” rating in a research note on Saturday, April 11th. Roth Mkm started coverage on Karooooo in a report on Tuesday, February 17th. They issued a “buy” rating and a $62.00 price objective for the company. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Karooooo in a report on Friday, April 24th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, Karooooo has an average rating of “Moderate Buy” and a consensus price target of $59.00.

Karooooo Trading Up 2.9%

The firm has a fifty day moving average of $48.50 and a two-hundred day moving average of $47.11. The company has a market cap of $1.56 billion, a PE ratio of 27.24 and a beta of 1.02. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.06.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in KARO. Capricorn Fund Managers Ltd boosted its stake in Karooooo by 39.4% in the 4th quarter. Capricorn Fund Managers Ltd now owns 238,078 shares of the company’s stock worth $10,833,000 after purchasing an additional 67,322 shares during the period. Marshall Wace LLP boosted its stake in Karooooo by 699.1% in the 2nd quarter. Marshall Wace LLP now owns 55,602 shares of the company’s stock worth $2,723,000 after purchasing an additional 48,644 shares during the period. Two Sigma Investments LP boosted its stake in Karooooo by 115.4% in the 3rd quarter. Two Sigma Investments LP now owns 74,130 shares of the company’s stock worth $4,234,000 after purchasing an additional 39,709 shares during the period. Aurora Investment Counsel bought a new position in Karooooo in the 4th quarter worth about $1,651,000. Finally, Russell Investments Group Ltd. bought a new position in Karooooo in the 2nd quarter worth about $1,378,000.

About Karooooo

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.