Karooooo (NASDAQ:KARO) Shares Gap Up – Here’s Why

Karooooo Ltd. (NASDAQ:KARO)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $43.20, but opened at $45.10. Karooooo shares last traded at $44.18, with a volume of 3,965 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Raymond James restated an “outperform” rating and set a $51.00 price objective (up previously from $46.00) on shares of Karooooo in a report on Thursday, January 16th.

Karooooo Stock Performance

The firm’s 50-day simple moving average is $44.94 and its two-hundred day simple moving average is $43.32. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $1.38 billion, a PE ratio of 28.54 and a beta of 1.03.

Karooooo (NASDAQ:KARO) last issued its quarterly earnings results on Tuesday, January 14th. The company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. Karooooo had a return on equity of 30.29% and a net margin of 19.87%. On average, equities research analysts expect that Karooooo Ltd. will post 1.57 earnings per share for the current fiscal year.

Institutional Trading of Karooooo

Hedge funds have recently made changes to their positions in the stock. New York State Common Retirement Fund acquired a new position in Karooooo in the 4th quarter valued at approximately $26,000. BNP Paribas Financial Markets purchased a new position in shares of Karooooo during the 4th quarter valued at $210,000. Quadrature Capital Ltd acquired a new position in shares of Karooooo in the third quarter worth $216,000. Lazard Asset Management LLC raised its holdings in shares of Karooooo by 17.5% during the fourth quarter. Lazard Asset Management LLC now owns 4,961 shares of the company’s stock worth $223,000 after acquiring an additional 740 shares in the last quarter. Finally, Walleye Capital LLC acquired a new stake in Karooooo during the third quarter valued at $323,000.

Karooooo Company Profile

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.