Karooooo (NASDAQ:KARO) Research Coverage Started at Needham & Company LLC

Needham & Company LLC initiated coverage on shares of Karooooo (NASDAQ:KARO) in a research note published on Wednesday morning, MarketBeat reports. The firm issued a buy rating and a $60.00 target price on the stock.

Several other brokerages have also recently weighed in on KARO. Raymond James Financial boosted their price objective on shares of Karooooo from $51.00 to $58.00 and gave the stock an “outperform” rating in a research note on Friday, May 16th. Morgan Stanley reiterated an “overweight” rating and set a $53.00 price objective (up previously from $43.00) on shares of Karooooo in a report on Thursday, June 26th.

Karooooo Stock Down 0.7%

NASDAQ KARO opened at $50.05 on Wednesday. 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 1-year low of $28.04 and a 1-year high of $63.36. The company has a 50 day moving average of $51.29 and a 200-day moving average of $46.48. The company has a market cap of $1.55 billion, a price-to-earnings ratio of 30.52 and a beta of 1.08.

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

Institutional Investors Weigh In On Karooooo

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Acadian Asset Management LLC increased its stake in Karooooo by 77.9% in the 1st quarter. Acadian Asset Management LLC now owns 46,454 shares of the company’s stock valued at $1,955,000 after buying an additional 20,347 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Karooooo during the 4th quarter valued at $635,000. Capricorn Fund Managers Ltd raised its position in shares of Karooooo by 8.0% during the 1st quarter. Capricorn Fund Managers Ltd now owns 143,470 shares of the company’s stock valued at $6,103,000 after buying an additional 10,586 shares in the last quarter. State of Wyoming purchased a new position in Karooooo in the 1st quarter worth $418,000. Finally, Marshall Wace LLP raised its position in Karooooo by 32.4% in the 4th quarter. Marshall Wace LLP now owns 39,021 shares of the company’s stock worth $1,762,000 after purchasing an additional 9,552 shares during the period.

Karooooo Company Profile

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.