Karooooo (NASDAQ:KARO) Issues Quarterly Earnings Results

Karooooo (NASDAQ:KARO) posted its quarterly earnings data on Wednesday. The company reported $0.59 earnings per share (EPS) for the quarter, FiscalAI reports. The business had revenue of $96.26 million during the quarter. Karooooo had a return on equity of 31.26% and a net margin of 18.07%.

Karooooo Stock Up 1.2%

Shares of NASDAQ:KARO traded up $0.68 during trading on Wednesday, reaching $58.58. The stock had a trading volume of 299,430 shares, compared to its average volume of 73,480. Karooooo has a one year low of $41.25 and a one year high of $60.53. The company has a market capitalization of $1.81 billion, a P/E ratio of 31.66 and a beta of 0.89. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.17. The firm’s 50-day simple moving average is $49.43 and its 200 day simple moving average is $48.51.

Karooooo Increases Dividend

The company also recently declared an annual dividend, which will be paid on Monday, July 27th. Shareholders of record on Friday, July 17th will be given a dividend of $1.50 per share. The ex-dividend date of this dividend is Friday, July 17th. This is a positive change from Karooooo’s previous annual dividend of $1.25. This represents a dividend yield of 347.0%. Karooooo’s payout ratio is currently 67.57%.

Institutional Investors Weigh In On Karooooo

Institutional investors have recently bought and sold shares of the company. Fideuram Asset Management Ireland dac purchased a new stake in Karooooo in the fourth quarter valued at $80,000. Royal Bank of Canada lifted its holdings in shares of Karooooo by 852.9% in the 4th quarter. Royal Bank of Canada now owns 2,954 shares of the company’s stock valued at $135,000 after buying an additional 2,644 shares during the period. Quantbot Technologies LP acquired a new position in shares of Karooooo in the 2nd quarter valued at about $156,000. New York State Common Retirement Fund boosted its stake in shares of Karooooo by 465.6% in the second quarter. New York State Common Retirement Fund now owns 3,258 shares of the company’s stock worth $160,000 after buying an additional 2,682 shares during the last quarter. Finally, State of Tennessee Department of Treasury purchased a new stake in shares of Karooooo in the second quarter worth about $214,000.

Wall Street Analyst Weigh In

KARO has been the subject of several analyst reports. Roth Capital reissued a “buy” rating and issued a $68.00 price objective on shares of Karooooo in a research note on Thursday, May 14th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Karooooo in a report on Friday, April 24th. Wall Street Zen cut Karooooo from a “buy” rating to a “hold” rating in a report on Sunday, June 21st. Needham & Company LLC upped their price objective on Karooooo from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, UBS Group decreased their target price on Karooooo from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, May 15th. One research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. According to data from MarketBeat, Karooooo has an average rating of “Buy” and a consensus price target of $63.25.

Karooooo Company Profile

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.