Karooooo (NASDAQ:KARO) Sees Large Volume Increase

Shares of Karooooo Ltd. (NASDAQ:KARO) saw strong trading volume on Monday . 6,382 shares changed hands during trading, a decline of 46% from the previous session’s volume of 11,826 shares.The stock last traded at $35.11 and had previously closed at $35.25.

Wall Street Analyst Weigh In

Separately, Morgan Stanley lifted their target price on shares of Karooooo from $31.00 to $37.00 and gave the stock an “overweight” rating in a research report on Thursday, July 11th.

Karooooo Price Performance

The firm has a market cap of $758.13 million, a PE ratio of 27.76 and a beta of 1.01. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.05. The stock has a 50 day simple moving average of $32.77 and a 200-day simple moving average of $28.66.

Karooooo (NASDAQ:KARO) last issued its quarterly earnings data on Thursday, July 18th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.03. Karooooo had a return on equity of 27.88% and a net margin of 18.70%. The firm had revenue of $58.29 million during the quarter, compared to analyst estimates of $58.54 million. Equities analysts anticipate that Karooooo Ltd. will post 1.57 earnings per share for the current fiscal year.

Karooooo Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 14th. Stockholders of record on Thursday, August 8th will be paid a $1.08 dividend. This represents a $4.32 annualized dividend and a dividend yield of 12.18%. This is a positive change from Karooooo’s previous quarterly dividend of $0.85. The ex-dividend date is Thursday, August 8th. Karooooo’s dividend payout ratio (DPR) is presently 340.16%.

Institutional Investors Weigh In On Karooooo

Several institutional investors have recently made changes to their positions in the company. Acadian Asset Management LLC bought a new position in shares of Karooooo during the first quarter valued at approximately $67,000. Renaissance Technologies LLC boosted its stake in shares of Karooooo by 23.3% during the second quarter. Renaissance Technologies LLC now owns 17,757 shares of the company’s stock valued at $520,000 after purchasing an additional 3,356 shares during the period. Swedbank AB purchased a new position in Karooooo in the 1st quarter worth about $2,387,000. Jupiter Asset Management Ltd. lifted its holdings in Karooooo by 2.6% during the 1st quarter. Jupiter Asset Management Ltd. now owns 198,392 shares of the company’s stock valued at $4,972,000 after buying an additional 5,002 shares in the last quarter. Finally, Schwarz Dygos Wheeler Investment Advisors LLC boosted its holdings in shares of Karooooo by 1.2% in the second quarter. Schwarz Dygos Wheeler Investment Advisors LLC now owns 175,349 shares of the company’s stock valued at $5,138,000 after purchasing an additional 2,000 shares during the period.

About Karooooo

Karooooo Ltd. provides mobility software-as-a-service (SaaS) platform for connected vehicles in South Africa, rest of Africa, Europe, the Asia-Pacific, the Middle East, and the United States. The company offers Fleet Telematics, a fleet management SaaS platform that provides real-time insights; LiveVision, which offers pro-active risk management and fleet visibility; MiFleet advanced fleet administration and business intelligence that provides cost management and administration capability services; and Karooooo Logistics, a software application for management of last mile delivery and general operational logistics.