Karooooo (NASDAQ:KARO) Hits New 12-Month High – What’s Next?

Karooooo Ltd. (NASDAQ:KARO) shares reached a new 52-week high on Thursday . The company traded as high as $67.53 and last traded at $67.0330, with a volume of 19917 shares. The stock had previously closed at $64.28.

Analysts Set New Price Targets

Several equities research analysts have issued reports on KARO shares. UBS Group reissued a “buy” rating and issued a $75.00 price target on shares of Karooooo in a report on Thursday, July 16th. Raymond James Financial lifted their target price on shares of Karooooo from $60.00 to $75.00 and gave the company an “outperform” rating in a research report on Friday, July 17th. Wall Street Zen raised shares of Karooooo from a “hold” rating to a “buy” rating in a research note on Monday, August 17th. Freedom Capital lowered shares of Karooooo from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 17th. Finally, Needham & Company LLC raised their price target on shares of Karooooo from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. 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 currently has a consensus rating of “Moderate Buy” and an average target price of $73.50.

Karooooo Stock Up 4.6%

The business has a 50-day simple moving average of $59.24 and a two-hundred day simple moving average of $52.09. The stock has a market capitalization of $2.08 billion, a P/E ratio of 34.10 and a beta of 0.85. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.15.

Karooooo (NASDAQ:KARO) last released its quarterly earnings data 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 return on equity of 32.03% and a net margin of 17.74%. Equities research analysts forecast that Karooooo Ltd. will post 2.41 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Isaias Jose Calisto sold 6,202 shares of Karooooo stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $63.50, for a total transaction of $393,827.00. Following the completion of the transaction, the chief executive officer directly owned 17,640,700 shares of the company’s stock, valued at $1,120,184,450. This trade represents a 0.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last ninety days, insiders have sold 277,258 shares of company stock worth $17,817,221. Company insiders own 74.73% of the company’s stock.

Institutional Trading of Karooooo

Several large investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio acquired a new stake in shares of Karooooo during the second quarter worth approximately $54,000. Fideuram Asset Management Ireland dac acquired a new position in shares of Karooooo in the 4th quarter worth approximately $80,000. Royal Bank of Canada boosted its holdings in shares of Karooooo by 852.9% in the 4th quarter. Royal Bank of Canada now owns 2,954 shares of the company’s stock worth $135,000 after acquiring an additional 2,644 shares in the last quarter. Quantbot Technologies LP bought a new stake in Karooooo during the 2nd quarter worth approximately $156,000. Finally, New York State Common Retirement Fund grew its position in Karooooo by 465.6% during the 2nd quarter. New York State Common Retirement Fund now owns 3,258 shares of the company’s stock worth $160,000 after acquiring an additional 2,682 shares during the last quarter.

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.