Karooooo (NASDAQ:KARO) Stock Rating Cut to “Hold” at Wall Street Zen

Wall Street Zen lowered shares of Karooooo (NASDAQ:KARO) from a buy rating to a hold rating in a report published on Saturday morning,Wall Street Zen reports.

A number of other research analysts also recently issued reports on KARO. Roth Capital reaffirmed a “buy” rating and issued a $74.00 price objective on shares of Karooooo in a research report on Friday, July 17th. Zacks Research lowered shares of Karooooo from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 5th. Freedom Capital downgraded Karooooo from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 17th. UBS Group reaffirmed a “buy” rating and set a $75.00 price target on shares of Karooooo in a research report on Thursday, July 16th. Finally, Needham & Company LLC increased their price objective on Karooooo from $60.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Five investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $72.80.

Karooooo Price Performance

KARO opened at $64.07 on Friday. The business’s 50-day moving average is $63.46 and its two-hundred day moving average is $56.73. Karooooo has a 1 year low of $41.25 and a 1 year high of $68.80. 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 firm has a market capitalization of $1.98 billion, a PE ratio of 30.66 and a beta of 0.89.

Insider Transactions at Karooooo

In other Karooooo news, CEO Isaias Calisto sold 33,833 shares of the firm’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $66.14, for a total value of $2,237,714.62. Following the completion of the transaction, the chief executive officer owned 17,714,186 shares of the company’s stock, valued at approximately $1,171,616,262.04. This trade represents a 0.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last quarter, insiders have sold 277,617 shares of company stock worth $17,840,247. Corporate insiders own 74.73% of the company’s stock.

Institutional Investors Weigh In On Karooooo

A number of large investors have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio purchased a new stake in Karooooo during the 2nd quarter valued at about $54,000. Allworth Financial LP purchased a new position in shares of Karooooo in the second quarter worth about $64,000. R Squared Ltd purchased a new position in shares of Karooooo in the first quarter worth about $296,000. DGS Capital Management LLC lifted its holdings in shares of Karooooo by 5.7% during the first quarter. DGS Capital Management LLC now owns 7,359 shares of the company’s stock worth $367,000 after purchasing an additional 398 shares during the period. Finally, Bank of America Corp DE lifted its holdings in shares of Karooooo by 9.5% during the first quarter. Bank of America Corp DE now owns 8,798 shares of the company’s stock worth $438,000 after purchasing an additional 764 shares during the period.

Karooooo Company Profile

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.