Karooooo (NASDAQ:KARO) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Karooooo (NASDAQ:KARO) from a hold rating to a buy rating in a research report report published on Saturday morning.

Several other research analysts also recently commented on KARO. Zacks Research upgraded shares of Karooooo from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 7th. Raymond James Financial upped their price target on shares of Karooooo from $60.00 to $75.00 and gave the company an “outperform” rating in a report on Friday, July 17th. Needham & Company LLC raised their price target on Karooooo from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. Roth Capital reiterated a “buy” rating and issued a $74.00 price objective on shares of Karooooo in a research note on Friday, July 17th. Finally, UBS Group reissued a “buy” rating and set a $75.00 price objective on shares of Karooooo in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $73.50.

Karooooo Stock Up 0.3%

Shares of Karooooo stock opened at $64.24 on Friday. Karooooo has a 12-month low of $41.25 and a 12-month high of $66.23. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.15. The stock has a 50 day moving average price of $53.44 and a two-hundred day moving average price of $50.07. The stock has a market capitalization of $1.98 billion, a P/E ratio of 32.61 and a beta of 0.89.

Karooooo (NASDAQ:KARO) last released its quarterly earnings results on Thursday, July 16th. The company reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.08. Karooooo had a net margin of 17.74% and a return on equity of 32.03%. The company had revenue of $96.26 million for the quarter. Equities analysts expect that Karooooo will post 2.41 earnings per share for the current year.

Karooooo Increases Dividend

The business also recently disclosed an annual dividend, which was paid on Monday, July 27th. Stockholders of record on Friday, July 17th were issued a dividend of $1.50 per share. This represents a dividend yield of 239.0%. The ex-dividend date was Friday, July 17th. This is a positive change from Karooooo’s previous annual dividend of $1.25. Karooooo’s payout ratio is presently 76.14%.

Insider Activity at Karooooo

In other news, CEO Isaias Jose Calisto sold 31,897 shares of the company’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $64.43, for a total transaction of $2,055,123.71. Following the completion of the transaction, the chief executive officer owned 17,838,112 shares of the company’s stock, valued at approximately $1,149,309,556.16. This represents a 0.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 98,476 shares of company stock worth $6,295,981 over the last three months. 74.73% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Karooooo

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Capricorn Fund Managers Ltd lifted its position in shares of Karooooo by 39.4% in the 4th quarter. Capricorn Fund Managers Ltd now owns 238,078 shares of the company’s stock worth $10,833,000 after acquiring an additional 67,322 shares during the period. Tudor Investment Corp ET AL increased its position in shares of Karooooo by 238.3% during the third quarter. Tudor Investment Corp ET AL now owns 17,917 shares of the company’s stock valued at $1,023,000 after purchasing an additional 12,621 shares during the period. Aurora Investment Counsel acquired a new position in shares of Karooooo in the fourth quarter valued at $1,651,000. Bullseye Asset Management LLC raised its stake in shares of Karooooo by 101.7% in the fourth quarter. Bullseye Asset Management LLC now owns 32,129 shares of the company’s stock valued at $1,461,000 after purchasing an additional 16,200 shares in the last quarter. Finally, Schwartz Investment Counsel Inc. lifted its position in Karooooo by 22.9% in the fourth quarter. Schwartz Investment Counsel Inc. now owns 78,365 shares of the company’s stock worth $3,566,000 after purchasing an additional 14,600 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.