Karooooo Ltd. (NASDAQ:KARO) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Karooooo Ltd. (NASDAQ:KARO) have received a consensus rating of “Moderate Buy” from the seven ratings firms that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1 year price target among brokers that have covered the stock in the last year is $59.20.

KARO has been the topic of a number of recent analyst reports. UBS Group lowered their price objective on Karooooo from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, May 15th. Roth Mkm reaffirmed a “buy” rating and issued a $68.00 target price on shares of Karooooo in a research note on Thursday, May 14th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Karooooo in a research note on Friday, April 24th. Finally, Wall Street Zen downgraded shares of Karooooo from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th.

Karooooo Trading Up 0.1%

Shares of KARO stock opened at $47.70 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.05 and a current ratio of 1.06. Karooooo has a 52-week low of $41.25 and a 52-week high of $63.36. The company has a market capitalization of $1.47 billion, a PE ratio of 25.78 and a beta of 0.92. The business’s fifty day moving average is $48.90 and its 200 day moving average is $47.39.

Karooooo (NASDAQ:KARO) last issued its quarterly earnings data on Tuesday, April 14th. The company reported $0.45 earnings per share (EPS) for the quarter. Karooooo had a return on equity of 31.26% and a net margin of 18.07%.The company had revenue of $90.93 million for the quarter. On average, equities research analysts anticipate that Karooooo will post 2.37 EPS for the current fiscal year.

Karooooo Increases Dividend

The business also recently announced an annual dividend, which will be paid on Monday, July 27th. Investors of record on Friday, July 17th will be paid a $1.50 dividend. This is an increase from Karooooo’s previous annual dividend of $1.25. This represents a yield of 347.0%. The ex-dividend date of this dividend is Friday, July 17th. Karooooo’s payout ratio is 81.08%.

Institutional Investors Weigh In On Karooooo

Large investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its holdings in shares of Karooooo by 56.6% in the 2nd quarter. Geode Capital Management LLC now owns 29,892 shares of the company’s stock worth $1,464,000 after purchasing an additional 10,799 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Karooooo by 216.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 8,089 shares of the company’s stock valued at $396,000 after buying an additional 5,529 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Karooooo during the second quarter worth approximately $1,378,000. New York State Common Retirement Fund raised its stake in shares of Karooooo by 465.6% during the second quarter. New York State Common Retirement Fund now owns 3,258 shares of the company’s stock worth $160,000 after acquiring an additional 2,682 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new position in shares of Karooooo during the second quarter worth approximately $156,000.

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.