Karooooo (NASDAQ:KARO) Raised to Buy at Wall Street Zen

Karooooo (NASDAQ:KARO) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Saturday.

Several other research firms also recently commented on KARO. Zacks Research raised shares of Karooooo from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 7th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Karooooo in a research note on Friday, April 24th. UBS Group reiterated a “buy” rating and issued a $75.00 price target on shares of Karooooo in a report on Thursday, July 16th. Roth Capital reissued a “buy” rating and set a $74.00 price objective on shares of Karooooo in a report on Friday, July 17th. Finally, Needham & Company LLC raised their price objective on Karooooo from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $73.50.

Karooooo Price Performance

Shares of KARO opened at $64.24 on Friday. The business’s 50 day moving average is $53.44 and its 200 day moving average is $50.09. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.15. Karooooo has a 12-month low of $41.25 and a 12-month high of $66.23. The company has a market capitalization of $1.98 billion, a PE ratio of 32.61 and a beta of 0.85.

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

Insiders Place Their Bets

In related news, CEO Isaias Jose Calisto sold 18,630 shares of the business’s stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $63.47, for a total value of $1,182,446.10. Following the sale, the chief executive officer owned 17,819,482 shares in the company, valued at approximately $1,131,002,522.54. The trade was a 0.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 98,476 shares of company stock valued at $6,295,981 in the last quarter. Insiders own 74.73% of the company’s stock.

Hedge Funds Weigh In On Karooooo

A number of institutional investors and hedge funds have recently made changes to their positions in KARO. Geode Capital Management LLC increased its holdings in shares of Karooooo by 56.6% in the 2nd quarter. Geode Capital Management LLC now owns 29,892 shares of the company’s stock worth $1,464,000 after buying an additional 10,799 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Karooooo by 216.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 8,089 shares of the company’s stock valued at $396,000 after buying an additional 5,529 shares in the last quarter. Russell Investments Group Ltd. bought a new position in shares of Karooooo in the 2nd quarter valued at about $1,378,000. New York State Common Retirement Fund lifted its holdings in shares of Karooooo by 465.6% in the 2nd quarter. New York State Common Retirement Fund now owns 3,258 shares of the company’s stock valued at $160,000 after acquiring an additional 2,682 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new position in Karooooo in the second quarter worth about $156,000.

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.