Wall Street Zen Upgrades Karooooo (NASDAQ:KARO) to Buy

Karooooo (NASDAQ:KARO) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Monday.

A number of other equities research analysts also recently issued reports on the stock. Zacks Research downgraded shares of Karooooo from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 5th. Roth Capital reissued a “buy” rating and set a $74.00 target price on shares of Karooooo in a research report on Friday, July 17th. Needham & Company LLC lifted their target price on shares of Karooooo from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. UBS Group restated a “buy” rating and issued a $75.00 target price on shares of Karooooo in a research note on Thursday, July 16th. Finally, Freedom Capital lowered Karooooo from a “strong-buy” rating to a “hold” rating in a report on Friday, July 17th. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Karooooo presently has a consensus rating of “Moderate Buy” and an average price target of $73.50.

Karooooo Price Performance

KARO opened at $62.78 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.02 and a quick ratio of 1.01. The company has a market capitalization of $1.94 billion, a price-to-earnings ratio of 31.87 and a beta of 0.85. The firm’s fifty day moving average price is $57.24 and its two-hundred day moving average price is $51.48. Karooooo has a 1 year low of $41.25 and a 1 year high of $67.14.

Karooooo (NASDAQ:KARO) last posted its earnings results on Thursday, July 16th. The company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.08. The firm had revenue of $96.26 million during the quarter. Karooooo had a net margin of 17.74% and a return on equity of 32.03%. As a group, analysts anticipate that Karooooo will post 2.41 earnings per share for the current fiscal year.

Insider Buying and Selling at Karooooo

In other news, CEO Isaias Jose Calisto sold 33,833 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $66.14, for a total value of $2,237,714.62. Following the sale, the chief executive officer owned 17,714,186 shares of the company’s stock, valued at $1,171,616,262.04. The trade was a 0.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold a total of 269,213 shares of company stock valued at $17,307,104 in the last three months. 74.73% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of KARO. Public Employees Retirement System of Ohio purchased a new stake in shares of Karooooo during the second quarter worth $54,000. Fideuram Asset Management Ireland dac purchased a new position in shares of Karooooo in the fourth quarter valued at $80,000. Royal Bank of Canada grew its position in shares of Karooooo by 852.9% in the fourth quarter. Royal Bank of Canada now owns 2,954 shares of the company’s stock valued at $135,000 after purchasing an additional 2,644 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of Karooooo during the 2nd quarter valued at $156,000. Finally, New York State Common Retirement Fund raised its stake in shares of Karooooo by 465.6% during the 2nd 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 during the period.

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.