Karooooo (NASDAQ:KARO) Sees Strong Trading Volume – Still a Buy?

Karooooo Ltd. (NASDAQ:KARO) shares saw an uptick in trading volume on Friday . 110,977 shares were traded during trading, an increase of 120% from the previous session’s volume of 50,548 shares.The stock last traded at $50.2180 and had previously closed at $48.96.

Analyst Ratings Changes

Several research firms recently commented on KARO. Roth Mkm initiated coverage on shares of Karooooo in a research report on Tuesday, February 17th. They set a “buy” rating and a $62.00 price target on the stock. Wall Street Zen upgraded shares of Karooooo from a “hold” rating to a “buy” rating in a research report on Saturday, April 11th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Karooooo in a research report on Friday, April 24th. Six research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $59.00.

Karooooo Trading Up 2.9%

The company’s 50-day moving average price is $48.50 and its 200-day moving average price is $47.07. The firm has a market cap of $1.56 billion, a price-to-earnings ratio of 27.24 and a beta of 0.92. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.06.

Institutional Trading of Karooooo

Institutional investors have recently modified their holdings of the stock. DGS Capital Management LLC lifted its stake in shares of Karooooo by 5.7% in the first quarter. DGS Capital Management LLC now owns 7,359 shares of the company’s stock worth $367,000 after buying an additional 398 shares in the last quarter. Lazard Asset Management LLC lifted its stake in shares of Karooooo by 7.5% in the third quarter. Lazard Asset Management LLC now owns 6,139 shares of the company’s stock worth $351,000 after buying an additional 430 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in shares of Karooooo by 159.4% in the third quarter. Jones Financial Companies Lllp now owns 804 shares of the company’s stock worth $46,000 after buying an additional 494 shares in the last quarter. Murphy & Mullick Capital Management Corp lifted its stake in shares of Karooooo by 260.0% in the third quarter. Murphy & Mullick Capital Management Corp now owns 900 shares of the company’s stock worth $51,000 after buying an additional 650 shares in the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of Karooooo by 17.2% in the second quarter. Bank of America Corp DE now owns 5,100 shares of the company’s stock worth $250,000 after buying an additional 750 shares in the last quarter.

About Karooooo

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.