Karooooo Ltd. (KARO) – What Are Investment Firms Saying About This Stock?

Karooooo Ltd. (NASDAQ:KARO) has earned an average rating of “Moderate Buy” from the eight research firms that are covering the company, MarketBeat reports. Three research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $72.80.

A number of equities analysts have recently commented on the stock. Wall Street Zen lowered shares of Karooooo from a “buy” rating to a “hold” rating in a report on Saturday. UBS Group restated a “buy” rating and issued a $75.00 price objective on shares of Karooooo in a report on Thursday, July 16th. Raymond James Financial increased their price objective on Karooooo from $60.00 to $75.00 and gave the company an “outperform” rating in a report on Friday, July 17th. Needham & Company LLC raised their target price on Karooooo from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Finally, Freedom Capital downgraded Karooooo from a “strong-buy” rating to a “hold” rating in a report on Friday, July 17th.

Insider Activity at Karooooo

In related news, CEO Isaias Calisto sold 33,833 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $66.14, for a total value of $2,237,714.62. Following the sale, the chief executive officer directly owned 17,714,186 shares in the company, valued at $1,171,616,262.04. This represents a 0.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold 197,771 shares of company stock valued at $12,726,712 over the last quarter. 74.73% of the stock is owned by insiders.

Institutional Trading of Karooooo

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vest Financial LLC lifted its holdings in Karooooo by 96.9% in the third quarter. Vest Financial LLC now owns 12,109 shares of the company’s stock valued at $727,000 after buying an additional 5,960 shares during the period. Engineers Gate Manager LP bought a new stake in Karooooo during the second quarter valued at $518,000. Allworth Financial LP bought a new stake in Karooooo during the second quarter valued at $64,000. Public Employees Retirement System of Ohio acquired a new stake in Karooooo during the 2nd quarter worth about $54,000. Finally, Bank of America Corp DE grew its holdings in Karooooo by 9.5% during the 1st quarter. Bank of America Corp DE now owns 8,798 shares of the company’s stock worth $438,000 after acquiring an additional 764 shares during the period.

Karooooo Stock Performance

Shares of NASDAQ KARO opened at $64.46 on Wednesday. Karooooo has a 52-week low of $41.25 and a 52-week high of $68.80. The firm has a 50 day moving average price of $63.49 and a two-hundred day moving average price of $54.16. The stock has a market cap of $1.99 billion, a P/E ratio of 30.84 and a beta of 0.89.

About Karooooo

Karooooo Ltd. is a Singapore-based technology company that provides connected-vehicle and mobility solutions through its Cartrack business. Its cloud-based platform uses telematics, vehicle tracking and data analytics to help businesses monitor vehicles and assets, improve fleet operations, manage driver behavior and enhance safety.

The company’s products and services include real-time vehicle location and monitoring, fleet management, stolen-vehicle recovery, vehicle and asset tracking, maintenance and fuel-management tools, and workflow solutions.