Freedom Broker Forecasts Strong Price Appreciation for Karooooo (NASDAQ:KARO) Stock

Karooooo (NASDAQ:KARO) had its price objective boosted by equities research analysts at Freedom Broker from $65.00 to $70.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. Freedom Broker‘s price objective would indicate a potential upside of 9.98% from the company’s previous close.

KARO has been the subject of several other research reports. Weiss Ratings restated a “buy (b-)” rating on shares of Karooooo in a report on Tuesday. Raymond James Financial increased their target price on Karooooo from $60.00 to $75.00 and gave the company an “outperform” rating in a research report on Friday, July 17th. Wall Street Zen raised shares of Karooooo from a “hold” rating to a “buy” rating in a report on Monday, August 17th. Roth Capital restated a “buy” rating and issued a $74.00 price target on shares of Karooooo in a research report on Friday, July 17th. Finally, Freedom Capital downgraded shares of Karooooo from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 17th. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Karooooo presently has an average rating of “Moderate Buy” and an average target price of $72.80.

Karooooo Price Performance

Shares of KARO stock traded up $2.18 during trading hours on Thursday, hitting $63.65. The stock had a trading volume of 118,366 shares, compared to its average volume of 80,164. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.64 and a quick ratio of 1.01. The stock has a market capitalization of $1.97 billion, a price-to-earnings ratio of 30.45 and a beta of 0.89. Karooooo has a one year low of $41.25 and a one year high of $68.80. The stock’s 50-day moving average price is $63.42 and its two-hundred day moving average price is $56.58.

Insiders Place Their Bets

In other news, CEO Isaias Calisto sold 6,202 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $63.50, for a total value of $393,827.00. Following the completion of the sale, the chief executive officer directly owned 17,640,700 shares of the company’s stock, valued at $1,120,184,450. This trade represents a 0.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 277,617 shares of company stock worth $17,840,247 over the last quarter. Insiders own 74.73% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of KARO. Capricorn Fund Managers Ltd increased its position in Karooooo by 16.9% during the first 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 last quarter. Lazard Asset Management LLC bought a new position in Karooooo during the 1st quarter valued at about $1,015,000. Engineers Gate Manager LP purchased a new stake in Karooooo in the 2nd quarter worth about $518,000. Vest Financial LLC raised its position in Karooooo by 96.9% in the 3rd quarter. Vest Financial LLC now owns 12,109 shares of the company’s stock worth $727,000 after purchasing an additional 5,960 shares during the period. Finally, R Squared Ltd purchased a new stake in Karooooo in the 1st quarter worth about $296,000.

About Karooooo

Karooooo Ltd. is a Singapore-based technology company that provides connected-vehicle and mobility solutions through its Cartrack business. Its cloud-based platform uses telematics, vehicle tracking and data analytics to help businesses monitor vehicles and assets, improve fleet operations, manage driver behavior and enhance safety.

The company’s products and services include real-time vehicle location and monitoring, fleet management, stolen-vehicle recovery, vehicle and asset tracking, maintenance and fuel-management tools, and workflow solutions.