Karooooo (NASDAQ:KARO) Rating Increased to Strong-Buy at Zacks Research

Karooooo (NASDAQ:KARO) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Tuesday,Zacks.com reports.

KARO has been the topic of a number of other research reports. UBS Group dropped their price objective on Karooooo from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, May 15th. Wall Street Zen downgraded shares of Karooooo from a “buy” rating to a “hold” rating in a research report on Sunday, June 21st. Needham & Company LLC restated a “buy” rating on shares of Karooooo in a research note on Wednesday, June 3rd. Roth Capital reaffirmed a “buy” rating and issued a $68.00 price objective on shares of Karooooo in a research note on Thursday, May 14th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Karooooo in a report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company’s stock. According to MarketBeat.com, Karooooo has a consensus rating of “Buy” and an average price target of $60.75.

Karooooo Price Performance

KARO opened at $57.73 on Tuesday. The stock has a market cap of $1.78 billion, a price-to-earnings ratio of 31.21 and a beta of 0.89. Karooooo has a 1 year low of $41.25 and a 1 year high of $60.53. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.17. The stock has a fifty day moving average price of $48.78 and a 200 day moving average price of $48.21.

Karooooo (NASDAQ:KARO) last issued its earnings results on Tuesday, April 14th. The company reported $0.45 earnings per share for the quarter. Karooooo had a return on equity of 31.26% and a net margin of 18.07%.The company had revenue of $90.93 million for the quarter. Analysts forecast that Karooooo will post 2.37 EPS for the current fiscal year.

Institutional Investors Weigh In On Karooooo

Hedge funds have recently modified their holdings of the business. Capricorn Fund Managers Ltd increased its position in Karooooo by 39.4% during the fourth quarter. Capricorn Fund Managers Ltd now owns 238,078 shares of the company’s stock worth $10,833,000 after acquiring an additional 67,322 shares during the period. Tudor Investment Corp ET AL boosted its holdings in Karooooo by 238.3% in the 3rd quarter. Tudor Investment Corp ET AL now owns 17,917 shares of the company’s stock valued at $1,023,000 after purchasing an additional 12,621 shares during the period. Bullseye Asset Management LLC boosted its holdings in Karooooo by 101.7% in the 4th quarter. Bullseye Asset Management LLC now owns 32,129 shares of the company’s stock valued at $1,461,000 after purchasing an additional 16,200 shares during the period. Aurora Investment Counsel acquired a new stake in Karooooo in the 4th quarter worth $1,651,000. Finally, Schwartz Investment Counsel Inc. increased its holdings in shares of Karooooo by 22.9% during the 4th quarter. Schwartz Investment Counsel Inc. now owns 78,365 shares of the company’s stock worth $3,566,000 after purchasing an additional 14,600 shares during the period.

About Karooooo

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.