Karooooo (NASDAQ:KARO) Stock Price Crosses Below 50-Day Moving Average – Here’s Why

Karooooo Ltd. (NASDAQ:KARO)’s share price passed below its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $63.43 and traded as low as $62.73. Karooooo shares last traded at $63.42, with a volume of 47,512 shares trading hands.

Analyst Upgrades and Downgrades

Several equities research analysts 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, October 24th. Zacks Research downgraded shares of Karooooo from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 5th. Freedom Broker lifted their target price on shares of Karooooo from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Thursday, October 22nd. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Karooooo in a research report on Tuesday, October 20th. Five investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.80.

Karooooo Trading Down 0.3%

The company has a 50 day moving average of $63.43 and a 200 day moving average of $55.31. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.64 and a current ratio of 0.64. The stock has a market capitalization of $1.96 billion, a price-to-earnings ratio of 30.34 and a beta of 0.81.

Insider Activity

In other news, CEO Isaias Calisto sold 6,202 shares of the company’s stock in a transaction on 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 sale, the chief executive officer owned 17,640,700 shares of the company’s stock, valued at $1,120,184,450. This represents a 0.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 8,404 shares of company stock worth $533,143 over the last ninety days. 74.73% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Karooooo

Institutional investors and hedge funds have recently bought and sold shares of the business. Putney Financial Group LLC purchased a new stake in Karooooo during the 3rd quarter valued at about $27,000. Public Employees Retirement System of Ohio acquired a new stake in Karooooo in the 2nd quarter valued at about $54,000. Allworth Financial LP acquired a new stake in Karooooo in the 2nd quarter valued at about $64,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Karooooo in the 3rd quarter worth approximately $217,000. Finally, Bank of America Corp DE lifted its stake in Karooooo by 9.5% in the 1st quarter. Bank of America Corp DE now owns 8,798 shares of the company’s stock worth $438,000 after purchasing an additional 764 shares in the last quarter.

About Karooooo

Karooooo Ltd. is a mobility software company whose principal business operates under the Cartrack brand. It provides a cloud-based platform that helps businesses monitor and manage vehicles, fleets and mobile workforces. Cartrack’s services include vehicle tracking, fleet management, driver and vehicle performance monitoring, and tools for managing and coordinating field operations. Its platform combines connected-vehicle data with software and mobile applications to help customers oversee operations and improve the use of their vehicles and staff.