Karooooo (NASDAQ:KARO) Sees Unusually-High Trading Volume – What’s Next?

Karooooo Ltd. (NASDAQ:KARO) shares saw strong trading volume on Monday . 22,546 shares traded hands during mid-day trading, an increase of 41% from the previous session’s volume of 15,936 shares.The stock last traded at $43.00 and had previously closed at $43.70.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley lifted their price target on Karooooo from $31.00 to $37.00 and gave the stock an “overweight” rating in a research report on Thursday, July 11th.

Karooooo Stock Performance

The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.05. The stock has a market cap of $955.69 million, a price-to-earnings ratio of 34.41 and a beta of 1.01. The stock’s 50 day moving average is $38.13 and its two-hundred day moving average is $32.83.

Karooooo (NASDAQ:KARO) last announced its earnings results on Thursday, July 18th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.03. The business had revenue of $58.29 million during the quarter, compared to the consensus estimate of $58.54 million. Karooooo had a net margin of 18.70% and a return on equity of 27.88%. Analysts anticipate that Karooooo Ltd. will post 1.48 earnings per share for the current fiscal year.

Karooooo Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 8th were issued a $1.08 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 9.66%. This is a positive change from Karooooo’s previous quarterly dividend of $0.85. Karooooo’s payout ratio is presently 340.16%.

Institutional Investors Weigh In On Karooooo

Several hedge funds have recently modified their holdings of KARO. Swedbank AB purchased a new position in Karooooo during the 1st quarter worth $2,387,000. Jupiter Asset Management Ltd. boosted its holdings in Karooooo by 5.4% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 209,097 shares of the company’s stock valued at $6,001,000 after purchasing an additional 10,705 shares in the last quarter. Renaissance Technologies LLC increased its position in Karooooo by 23.3% during the 2nd quarter. Renaissance Technologies LLC now owns 17,757 shares of the company’s stock worth $520,000 after purchasing an additional 3,356 shares during the period. Acadian Asset Management LLC acquired a new position in Karooooo during the 1st quarter worth approximately $67,000. Finally, Schwarz Dygos Wheeler Investment Advisors LLC raised its stake in shares of Karooooo by 1.2% during the 2nd quarter. Schwarz Dygos Wheeler Investment Advisors LLC now owns 175,349 shares of the company’s stock worth $5,138,000 after buying an additional 2,000 shares in the last quarter.

About Karooooo

Karooooo Ltd. provides mobility software-as-a-service (SaaS) platform for connected vehicles in South Africa, rest of Africa, Europe, the Asia-Pacific, the Middle East, and the United States. The company offers Fleet Telematics, a fleet management SaaS platform that provides real-time insights; LiveVision, which offers pro-active risk management and fleet visibility; MiFleet advanced fleet administration and business intelligence that provides cost management and administration capability services; and Karooooo Logistics, a software application for management of last mile delivery and general operational logistics.