Karooooo (NASDAQ:KARO) Shares Gap Up – Here’s What Happened

Karooooo Ltd. (NASDAQ:KARO) shares gapped up prior to trading on Wednesday . The stock had previously closed at $38.40, but opened at $39.97. Karooooo shares last traded at $40.37, with a volume of 6,041 shares traded.

Wall Street Analyst Weigh In

Separately, Morgan Stanley boosted their price objective on shares of Karooooo from $31.00 to $37.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th.

Karooooo Trading Up 2.6 %

The stock has a 50 day moving average of $38.51 and a 200-day moving average of $33.16. The company has a market capitalization of $854.34 million, a P/E ratio of 31.46 and a beta of 1.01. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.05.

Karooooo (NASDAQ:KARO) last posted its quarterly earnings results on Thursday, July 18th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.03. The business had revenue of $58.29 million during the quarter, compared to analyst estimates of $58.54 million. Karooooo had a net margin of 18.70% and a return on equity of 27.88%. On average, research analysts predict that Karooooo Ltd. will post 1.48 EPS for the current year.

Karooooo Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Thursday, August 8th were paid a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of 10.81%. The ex-dividend date was Thursday, August 8th. This is a positive change from Karooooo’s previous quarterly dividend of $0.85. Karooooo’s dividend payout ratio is presently 340.16%.

Hedge Funds Weigh In On Karooooo

Several large investors have recently made changes to their positions in KARO. Jupiter Asset Management Ltd. raised its stake in Karooooo by 2.6% during the 1st quarter. Jupiter Asset Management Ltd. now owns 198,392 shares of the company’s stock valued at $4,972,000 after purchasing an additional 5,002 shares during the period. Acadian Asset Management LLC purchased a new stake in Karooooo during the 1st quarter valued at approximately $67,000. Swedbank AB bought a new stake in shares of Karooooo during the first quarter valued at approximately $2,387,000. Schwarz Dygos Wheeler Investment Advisors LLC lifted its holdings in shares of Karooooo by 1.2% in the second quarter. Schwarz Dygos Wheeler Investment Advisors LLC now owns 175,349 shares of the company’s stock worth $5,138,000 after buying an additional 2,000 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of Karooooo by 23.3% during the second quarter. Renaissance Technologies LLC now owns 17,757 shares of the company’s stock worth $520,000 after acquiring an additional 3,356 shares during the last quarter.

About Karooooo

Karooooo Ltd. provides mobility software-as-a-service (SaaS) platform for connected vehicles in South Africa, rest of Africa, Europe, the Asia-Pacific, the Middle East, and the United States. The company offers Fleet Telematics, a fleet management SaaS platform that provides real-time insights; LiveVision, which offers pro-active risk management and fleet visibility; MiFleet advanced fleet administration and business intelligence that provides cost management and administration capability services; and Karooooo Logistics, a software application for management of last mile delivery and general operational logistics.