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

Karooooo Ltd. (NASDAQ:KARO)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $44.72, but opened at $46.90. Karooooo shares last traded at $46.34, with a volume of 12,473 shares changing hands.

Karooooo Stock Performance

The company has a fifty day moving average price of $40.99 and a 200 day moving average price of $36.86. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.18 and a quick ratio of 1.17. The stock has a market cap of $1.01 billion, a P/E ratio of 31.52 and a beta of 1.04.

Karooooo (NASDAQ:KARO) last released its quarterly earnings data on Tuesday, October 15th. The company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.02. Karooooo had a net margin of 19.29% and a return on equity of 29.39%. The firm had revenue of $60.70 million for the quarter, compared to the consensus estimate of $60.26 million. On average, equities analysts expect that Karooooo Ltd. will post 1.61 EPS for the current year.

Hedge Funds Weigh In On Karooooo

Large investors have recently added to or reduced their stakes in the business. Acadian Asset Management LLC increased its holdings in Karooooo by 50.6% during the 2nd quarter. Acadian Asset Management LLC now owns 4,096 shares of the company’s stock worth $116,000 after purchasing an additional 1,377 shares in the last quarter. Quadrature Capital Ltd purchased a new position in shares of Karooooo during the third quarter valued at approximately $216,000. Walleye Capital LLC bought a new stake in Karooooo during the third quarter worth $323,000. Renaissance Technologies LLC raised its position in Karooooo by 23.3% in the 2nd quarter. Renaissance Technologies LLC now owns 17,757 shares of the company’s stock valued at $520,000 after buying an additional 3,356 shares during the last quarter. Finally, Gladius Capital Management LP lifted its stake in Karooooo by 124.2% during the 3rd quarter. Gladius Capital Management LP now owns 14,513 shares of the company’s stock valued at $575,000 after acquiring an additional 8,041 shares in 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.