Karooooo (NASDAQ:KARO) Upgraded by Wall Street Zen to Buy Rating

Wall Street Zen upgraded shares of Karooooo (NASDAQ:KARO) from a hold rating to a buy rating in a research note released on Monday morning.

Other equities research analysts also recently issued research reports about the stock. Roth Capital reaffirmed a “buy” rating and set a $74.00 price objective on shares of Karooooo in a research report on Friday, July 17th. Raymond James Financial raised their target price on shares of Karooooo from $60.00 to $75.00 and gave the stock an “outperform” rating in a report on Friday, July 17th. Weiss Ratings restated a “buy (b-)” rating on shares of Karooooo in a research note on Friday, April 24th. Freedom Capital downgraded Karooooo from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 17th. Finally, UBS Group reaffirmed a “buy” rating and set a $75.00 target price on shares of Karooooo in a report on Thursday, July 16th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $73.50.

Karooooo Stock Performance

Shares of KARO opened at $62.21 on Monday. The stock has a market capitalization of $1.92 billion, a PE ratio of 31.58 and a beta of 0.85. The business’s fifty day moving average price is $56.91 and its 200 day moving average price is $51.39. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.02 and a quick ratio of 1.01. Karooooo has a 12-month low of $41.25 and a 12-month high of $67.14.

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

Insider Transactions at Karooooo

In other Karooooo news, CEO Isaias Jose Calisto sold 33,833 shares of the business’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $66.14, for a total transaction of $2,237,714.62. Following the completion of the transaction, the chief executive officer directly owned 17,714,186 shares of the company’s stock, valued at $1,171,616,262.04. The trade was a 0.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last ninety days, insiders have sold 268,235 shares of company stock worth $17,245,196. Insiders own 74.73% of the company’s stock.

Institutional Investors Weigh In On Karooooo

Large investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio bought a new stake in shares of Karooooo during the second quarter valued at approximately $54,000. Fideuram Asset Management Ireland dac bought a new position in Karooooo in the 4th quarter worth approximately $80,000. Royal Bank of Canada grew its holdings in Karooooo by 852.9% in the 4th quarter. Royal Bank of Canada now owns 2,954 shares of the company’s stock worth $135,000 after buying an additional 2,644 shares in the last quarter. Quantbot Technologies LP bought a new position in Karooooo in the 2nd quarter worth approximately $156,000. Finally, New York State Common Retirement Fund increased its position in Karooooo by 465.6% in the 2nd quarter. New York State Common Retirement Fund now owns 3,258 shares of the company’s stock valued at $160,000 after acquiring an additional 2,682 shares during the period.

Karooooo Company Profile

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.