Karooooo (NASDAQ:KARO) Hits New 1-Year High Following Analyst Upgrade

Shares of Karooooo Ltd. (NASDAQ:KARO) hit a new 52-week high during trading on Friday after Raymond James raised their price target on the stock from $51.00 to $58.00. Raymond James currently has an outperform rating on the stock. Karooooo traded as high as $51.00 and last traded at $50.25, with a volume of 52453 shares. The stock had previously closed at $44.90.

Institutional Trading of Karooooo

Hedge funds and other institutional investors have recently made changes to their positions in the business. New York State Common Retirement Fund acquired a new stake in shares of Karooooo in the fourth quarter valued at approximately $26,000. BNP Paribas Financial Markets acquired a new stake in shares of Karooooo in the fourth quarter valued at approximately $210,000. Lazard Asset Management LLC raised its holdings in shares of Karooooo by 17.5% in the fourth quarter. Lazard Asset Management LLC now owns 4,961 shares of the company’s stock valued at $223,000 after purchasing an additional 740 shares during the last quarter. Nipun Capital L.P. acquired a new stake in shares of Karooooo in the first quarter valued at approximately $242,000. Finally, Northern Trust Corp acquired a new stake in shares of Karooooo in the fourth quarter valued at approximately $340,000.

Karooooo Stock Up 8.4%

The company has a quick ratio of 1.24, a current ratio of 1.25 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $1.68 billion, a price-to-earnings ratio of 34.92 and a beta of 1.03. The stock’s fifty day moving average price is $42.14 and its 200-day moving average price is $43.96.

Karooooo (NASDAQ:KARO) last posted its quarterly earnings data on Wednesday, May 14th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.07. Karooooo had a net margin of 19.87% and a return on equity of 30.29%. The company had revenue of $65.12 million for the quarter, compared to the consensus estimate of $1.18 billion. During the same period last year, the company earned $6.81 earnings per share. On average, sell-side analysts predict that Karooooo Ltd. will post 1.57 earnings per share for the current fiscal year.

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.