Karooooo (NASDAQ:KARO) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of Karooooo (NASDAQ:KARO) from a buy rating to a hold rating in a research report released on Saturday,Wall Street Zen reports.

KARO has been the topic of several other reports. Zacks Research lowered shares of Karooooo from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 5th. Freedom Capital lowered shares of Karooooo from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 17th. UBS Group reissued a “buy” rating and issued a $75.00 price objective on shares of Karooooo in a report on Thursday, July 16th. Freedom Broker upped their price target on shares of Karooooo from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Thursday, October 22nd. Finally, Raymond James Financial upped their price objective on shares of Karooooo from $60.00 to $75.00 and gave the stock an “outperform” rating in a research report on Friday, July 17th. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Karooooo has an average rating of “Moderate Buy” and a consensus target price of $72.80.

Karooooo Stock Performance

KARO opened at $64.73 on Friday. The company has a market capitalization of $2.00 billion, a price-to-earnings ratio of 30.97 and a beta of 0.89. The business’s 50-day moving average price is $63.44 and its two-hundred day moving average price is $54.07. Karooooo has a 1 year low of $41.25 and a 1 year high of $68.80. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.64 and a quick ratio of 0.64.

Insider Buying and Selling at Karooooo

In other news, CEO Isaias Calisto sold 33,833 shares of the company’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $66.14, for a total transaction of $2,237,714.62. Following the transaction, the chief executive officer owned 17,714,186 shares in the company, valued at approximately $1,171,616,262.04. This represents a 0.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 229,668 shares of company stock worth $14,781,836 in the last quarter. 74.73% of the stock is currently owned by corporate insiders.

Institutional Trading of Karooooo

Hedge funds and other institutional investors have recently bought and sold shares of the business. Capricorn Fund Managers Ltd lifted its stake in Karooooo by 16.9% during the 1st quarter. Capricorn Fund Managers Ltd now owns 278,346 shares of the company’s stock valued at $13,873,000 after acquiring an additional 40,268 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Karooooo by 1.4% during the 1st quarter. Renaissance Technologies LLC now owns 27,987 shares of the company’s stock worth $1,395,000 after acquiring an additional 400 shares during the period. Lazard Asset Management LLC bought a new position in Karooooo in the 1st quarter worth approximately $1,015,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Karooooo by 35.1% in the first quarter. Arrowstreet Capital Limited Partnership now owns 19,259 shares of the company’s stock worth $960,000 after acquiring an additional 4,999 shares during the period. Finally, Vest Financial LLC lifted its holdings in Karooooo by 96.9% during the 3rd quarter. Vest Financial LLC now owns 12,109 shares of the company’s stock worth $727,000 after purchasing an additional 5,960 shares in the last quarter.

About Karooooo

Karooooo Ltd. is a Singapore-based technology company that provides connected-vehicle and mobility solutions through its Cartrack business. Its cloud-based platform uses telematics, vehicle tracking and data analytics to help businesses monitor vehicles and assets, improve fleet operations, manage driver behavior and enhance safety.

The company’s products and services include real-time vehicle location and monitoring, fleet management, stolen-vehicle recovery, vehicle and asset tracking, maintenance and fuel-management tools, and workflow solutions.