Karooooo (NASDAQ:KARO) Receives Overweight Rating from Morgan Stanley

Morgan Stanley reaffirmed their overweight rating on shares of Karooooo (NASDAQ:KARO) in a research note released on Thursday morning, MarketBeat.com reports. The firm currently has a $53.00 target price on the stock, up from their previous target price of $43.00.

Separately, Raymond James Financial boosted their price target on shares of Karooooo from $51.00 to $58.00 and gave the stock an “outperform” rating in a research report on Friday, May 16th.

Karooooo Trading Up 1.2%

KARO stock opened at $47.30 on Thursday. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.05. Karooooo has a 12-month low of $25.80 and a 12-month high of $63.36. The stock has a market cap of $1.46 billion, a price-to-earnings ratio of 28.84 and a beta of 1.15. The business’s 50-day moving average is $49.04 and its 200 day moving average is $46.12.

Karooooo (NASDAQ:KARO) last issued its quarterly earnings results on Wednesday, May 14th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.37 by $0.07. The firm had revenue of $65.12 million during the quarter, compared to analysts’ expectations of $1.18 billion. Karooooo had a return on equity of 30.98% and a net margin of 20.17%. During the same period in the previous year, the business earned $6.81 earnings per share. On average, sell-side analysts anticipate that Karooooo will post 1.57 EPS for the current fiscal year.

Hedge Funds Weigh In On Karooooo

A number of institutional investors have recently added to or reduced their stakes in KARO. New York State Common Retirement Fund purchased a new stake in Karooooo in the 4th quarter valued at $26,000. Raymond James Financial Inc. acquired a new position in shares of Karooooo during the 4th quarter valued at about $635,000. Jupiter Asset Management Ltd. grew its holdings in shares of Karooooo by 0.6% in the fourth quarter. Jupiter Asset Management Ltd. now owns 236,972 shares of the company’s stock valued at $10,699,000 after purchasing an additional 1,387 shares during the period. Polen Capital Management LLC increased its position in Karooooo by 24.8% during the fourth quarter. Polen Capital Management LLC now owns 13,273 shares of the company’s stock worth $599,000 after purchasing an additional 2,639 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Karooooo by 1,727.0% during the fourth quarter. JPMorgan Chase & Co. now owns 8,934 shares of the company’s stock worth $403,000 after purchasing an additional 8,445 shares during the period.

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.