Karooooo Ltd. (NASDAQ:KARO) Sees Large Decrease in Short Interest

Karooooo Ltd. (NASDAQ:KARO) was the target of a large decline in short interest during the month of August. As of August 31st, there was short interest totalling 21,000 shares, a decline of 5.8% from the August 15th total of 22,300 shares. Based on an average daily trading volume, of 26,100 shares, the days-to-cover ratio is currently 0.8 days. Currently, 0.3% of the shares of the company are short sold.

Hedge Funds Weigh In On Karooooo

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

Wall Street Analyst Weigh In

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

Karooooo Stock Performance

KARO stock opened at $41.23 on Wednesday. Karooooo has a 1 year low of $18.59 and a 1 year high of $42.98. The stock’s fifty day moving average price is $36.05 and its 200-day moving average price is $31.04. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.52 and a quick ratio of 1.52. The company has a market cap of $881.50 million, a P/E ratio of 32.46 and a beta of 1.01.

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

Karooooo Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 8th were paid a $1.08 dividend. This represents a $4.32 annualized dividend and a dividend yield of 10.48%. This is a positive change from Karooooo’s previous quarterly dividend of $0.85. The ex-dividend date of this dividend was Thursday, August 8th. Karooooo’s dividend payout ratio is 340.16%.

Karooooo Company Profile

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.