Karooooo Ltd. (NASDAQ:KARO) Receives $73.50 Average Price Target from Brokerages

Karooooo Ltd. (NASDAQ:KARO) has been assigned a consensus rating of “Buy” from the seven ratings firms that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $73.50.

KARO has been the subject of several analyst reports. Needham & Company LLC increased their target price on shares of Karooooo from $60.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Roth Capital restated a “buy” rating and set a $74.00 price target on shares of Karooooo in a report on Friday, July 17th. Zacks Research raised shares of Karooooo from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 7th. UBS Group reiterated a “buy” rating and issued a $75.00 price objective on shares of Karooooo in a research note on Thursday, July 16th. Finally, Wall Street Zen cut shares of Karooooo from a “buy” rating to a “hold” rating in a research report on Sunday, June 21st.

Karooooo Stock Performance

Shares of Karooooo stock opened at $63.34 on Monday. The stock has a fifty day simple moving average of $51.72 and a 200 day simple moving average of $49.45. Karooooo has a 12-month low of $41.25 and a 12-month high of $66.19. The company has a market capitalization of $1.96 billion, a P/E ratio of 32.15 and a beta of 0.89. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.15.

Karooooo (NASDAQ:KARO) last issued its quarterly earnings data on Thursday, July 16th. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.08. The business had revenue of $96.26 million for the quarter. Karooooo had a return on equity of 32.03% and a net margin of 17.74%. On average, sell-side analysts anticipate that Karooooo will post 2.41 earnings per share for the current fiscal year.

Karooooo Increases Dividend

The firm also recently announced an annual dividend, which will be paid on Monday, July 27th. Stockholders of record on Friday, July 17th will be issued a $1.50 dividend. This is a boost from Karooooo’s previous annual dividend of $1.25. This represents a dividend yield of 239.0%. The ex-dividend date of this dividend is Friday, July 17th. Karooooo’s dividend payout ratio is currently 76.14%.

Institutional Trading of Karooooo

Hedge funds have recently bought and sold shares of the business. DGS Capital Management LLC boosted its position in 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 purchasing an additional 398 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Karooooo by 1.4% during the 1st quarter. Renaissance Technologies LLC now owns 27,987 shares of the company’s stock valued at $1,395,000 after purchasing an additional 400 shares during the last quarter. Lazard Asset Management LLC increased its position in shares of Karooooo by 7.5% during the 3rd quarter. Lazard Asset Management LLC now owns 6,139 shares of the company’s stock valued at $351,000 after purchasing an additional 430 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Karooooo by 17.2% during the 2nd quarter. Bank of America Corp DE now owns 5,100 shares of the company’s stock worth $250,000 after purchasing an additional 750 shares during the period. Finally, Harbour Capital Advisors LLC raised its stake in shares of Karooooo by 16.7% during the 4th quarter. Harbour Capital Advisors LLC now owns 5,425 shares of the company’s stock worth $242,000 after purchasing an additional 775 shares during the period.

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.