Karooooo Ltd. (NASDAQ:KARO) Stock Now Rated “Moderate Buy” by Wall Street Brokerages

Karooooo Ltd. (NASDAQ:KARO) has been given an average rating of “Moderate Buy” by the seven analysts that are currently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $73.50.

Several brokerages have issued reports on KARO. 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. Freedom Capital downgraded shares of Karooooo from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 17th. Wall Street Zen raised shares of Karooooo from a “hold” rating to a “buy” rating in a report on Monday, August 17th. Finally, UBS Group reaffirmed a “buy” rating and set a $75.00 price target on shares of Karooooo in a research note on Thursday, July 16th.

Insider Activity

In related news, CEO Isaias Calisto sold 6,202 shares of the business’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $63.50, for a total value of $393,827.00. Following the transaction, the chief executive officer owned 17,640,700 shares in the company, valued at approximately $1,120,184,450. The trade was a 0.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 277,617 shares of company stock worth $17,840,247 over the last 90 days. 74.73% of the stock is currently owned by insiders.

Institutional Trading of Karooooo

A number of hedge funds and other institutional investors have recently made changes to their positions in KARO. DGS Capital Management LLC raised its stake in shares of Karooooo by 5.7% in the 1st quarter. DGS Capital Management LLC now owns 7,359 shares of the company’s stock worth $367,000 after buying an additional 398 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Karooooo by 1.4% during the first quarter. Renaissance Technologies LLC now owns 27,987 shares of the company’s stock valued at $1,395,000 after buying an additional 400 shares in the last quarter. Bank of America Corp DE grew its holdings in Karooooo by 9.5% during the first 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. Public Employees Retirement System of Ohio acquired a new position in Karooooo during the second quarter worth about $54,000. Finally, Allworth Financial LP acquired a new position in Karooooo during the second quarter worth about $64,000.

Karooooo Price Performance

KARO stock opened at $60.60 on Friday. The firm has a market cap of $1.87 billion, a P/E ratio of 30.76 and a beta of 0.89. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.01 and a current ratio of 1.02. Karooooo has a 1 year low of $41.25 and a 1 year high of $68.80. The stock has a 50-day simple moving average of $63.94 and a 200-day simple moving average of $55.63.

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

Karooooo Company Profile

Karooooo Ltd. is a technology company that provides software-as-a-service solutions for connected vehicles, fleet management, and mobility operations. Through its Cartrack business, the company offers vehicle tracking, fleet monitoring, driver safety tools, asset management, and data analytics designed to help businesses improve productivity, security, and operational efficiency.

Cartrack’s platform collects and analyzes telematics data, providing customers with real-time visibility into vehicles and other mobile assets.