Karooooo’s (KARO) Overweight Rating Reiterated at Morgan Stanley

Morgan Stanley restated their overweight rating on shares of Karooooo (NASDAQ:KARO) in a report issued on Monday morning, Benzinga reports. The firm currently has a $31.00 price objective on the stock.

Separately, Raymond James increased their price target on Karooooo from $26.00 to $29.00 and gave the stock an outperform rating in a report on Wednesday, January 24th.

Karooooo Price Performance

Shares of NASDAQ:KARO opened at $27.09 on Monday. The business’s 50 day simple moving average is $25.62 and its two-hundred day simple moving average is $24.83. The firm has a market cap of $579.18 million, a P/E ratio of 22.96 and a beta of 1.15. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.38. Karooooo has a 52-week low of $18.59 and a 52-week high of $27.10.

Karooooo (NASDAQ:KARO) last announced its quarterly earnings results on Monday, January 22nd. The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.05. The business had revenue of $57.36 million for the quarter, compared to analyst estimates of $51.99 million. Karooooo had a return on equity of 25.26% and a net margin of 16.67%. As a group, research analysts forecast that Karooooo will post 1.21 EPS for the current fiscal year.

Institutional Trading of Karooooo

Several institutional investors and hedge funds have recently modified their holdings of the stock. Gladius Capital Management LP raised its stake in shares of Karooooo by 7.9% in the third quarter. Gladius Capital Management LP now owns 6,197 shares of the company’s stock worth $123,000 after purchasing an additional 454 shares during the last quarter. Schwartz Investment Counsel Inc. raised its stake in shares of Karooooo by 2.0% in the third quarter. Schwartz Investment Counsel Inc. now owns 51,685 shares of the company’s stock worth $1,029,000 after purchasing an additional 1,000 shares during the last quarter. Barclays PLC raised its stake in shares of Karooooo by 430.5% in the second quarter. Barclays PLC now owns 4,546 shares of the company’s stock worth $106,000 after purchasing an additional 3,689 shares during the last quarter. Finally, Jupiter Asset Management Ltd. raised its stake in shares of Karooooo by 17.9% in the third quarter. Jupiter Asset Management Ltd. now owns 196,873 shares of the company’s stock worth $3,920,000 after purchasing an additional 29,849 shares during the last quarter.

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.