Karooooo (NASDAQ:KARO) Trading Down 4.2% – What’s Next?

Karooooo Ltd. (NASDAQ:KARO) dropped 4.2% during trading on Wednesday . The stock traded as low as $45.50 and last traded at $44.77. Approximately 6,156 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 57,332 shares. The stock had previously closed at $46.72.

Analyst Upgrades and Downgrades

Separately, Raymond James reissued an “outperform” rating and issued a $51.00 target price (up from $46.00) on shares of Karooooo in a report on Thursday, January 16th.

Karooooo Price Performance

The firm has a market capitalization of $1.40 billion, a P/E ratio of 29.12 and a beta of 1.03. The firm has a 50 day moving average price of $45.72 and a 200-day moving average price of $40.80. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 0.14.

Karooooo (NASDAQ:KARO) last posted its quarterly earnings data on Tuesday, January 14th. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.05. Karooooo had a return on equity of 30.29% and a net margin of 19.87%. On average, analysts expect that Karooooo Ltd. will post 1.57 earnings per share for the current year.

Institutional Investors Weigh In On Karooooo

Hedge funds and other institutional investors have recently modified their holdings of the business. Quadrature Capital Ltd purchased a new stake in shares of Karooooo in the third quarter worth approximately $216,000. Walleye Capital LLC purchased a new stake in shares of Karooooo in the third quarter worth approximately $323,000. Renaissance Technologies LLC raised its holdings in shares of Karooooo by 23.3% in the second quarter. Renaissance Technologies LLC now owns 17,757 shares of the company’s stock worth $520,000 after buying an additional 3,356 shares during the period. Gladius Capital Management LP raised its holdings in shares of Karooooo by 124.2% in the third quarter. Gladius Capital Management LP now owns 14,513 shares of the company’s stock worth $575,000 after buying an additional 8,041 shares during the period. Finally, Capricorn Fund Managers Ltd purchased a new stake in shares of Karooooo in the fourth quarter worth approximately $6,146,000.

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.