Analysts Set Karooooo Ltd. (NASDAQ:KARO) PT at $73.50

Shares of Karooooo Ltd. (NASDAQ:KARO) have been assigned an average recommendation of “Buy” from the seven research firms that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation, five have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $73.50.

KARO has been the subject of several research reports. UBS Group restated a “buy” rating and set a $75.00 price target on shares of Karooooo in a research report on Thursday, July 16th. Zacks Research upgraded shares of Karooooo from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 7th. Wall Street Zen cut shares of Karooooo from a “buy” rating to a “hold” rating in a research note on Sunday, June 21st. Weiss Ratings restated a “buy (b-)” rating on shares of Karooooo in a research note on Friday, April 24th. Finally, Freedom Capital cut shares of Karooooo from a “strong-buy” rating to a “hold” rating in a report on Friday, July 17th.

Karooooo Stock Down 2.6%

KARO stock opened at $62.47 on Monday. The stock’s fifty day simple moving average is $51.04 and its two-hundred day simple moving average is $49.20. 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 1-year low of $41.25 and a 1-year high of $66.19. The stock has a market cap of $1.93 billion, a P/E ratio of 31.71 and a beta of 0.89.

Karooooo (NASDAQ:KARO) last announced its quarterly earnings data on Thursday, July 16th. The company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.08. Karooooo had a return on equity of 32.03% and a net margin of 17.74%.The firm had revenue of $96.26 million during the quarter. Analysts expect that Karooooo will post 2.41 EPS for the current year.

Karooooo Increases Dividend

The company also recently announced an annual dividend, which will be paid on Monday, July 27th. Shareholders of record on Friday, July 17th will be paid a $1.50 dividend. The ex-dividend date is Friday, July 17th. This is a boost from Karooooo’s previous annual dividend of $1.25. This represents a dividend yield of 239.0%. Karooooo’s dividend payout ratio is presently 76.14%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in KARO. Capricorn Fund Managers Ltd raised its stake in Karooooo by 16.9% in the 1st quarter. Capricorn Fund Managers Ltd now owns 278,346 shares of the company’s stock valued at $13,873,000 after acquiring an additional 40,268 shares during the period. Schwartz Investment Counsel Inc. boosted its position in Karooooo by 22.9% during the fourth quarter. Schwartz Investment Counsel Inc. now owns 78,365 shares of the company’s stock worth $3,566,000 after purchasing an additional 14,600 shares during the period. Two Sigma Investments LP increased its stake in shares of Karooooo by 115.4% in the third quarter. Two Sigma Investments LP now owns 74,130 shares of the company’s stock worth $4,234,000 after purchasing an additional 39,709 shares in the last quarter. Marshall Wace LLP increased its stake in shares of Karooooo by 699.1% in the second quarter. Marshall Wace LLP now owns 55,602 shares of the company’s stock worth $2,723,000 after purchasing an additional 48,644 shares in the last quarter. Finally, First Trust Advisors LP raised its position in shares of Karooooo by 43.1% in the fourth quarter. First Trust Advisors LP now owns 46,767 shares of the company’s stock valued at $2,128,000 after purchasing an additional 14,078 shares during the period.

About Karooooo

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.