Karooooo Ltd. (NASDAQ:KARO) Sees Large Decrease in Short Interest

Karooooo Ltd. (NASDAQ:KARO) saw a large drop in short interest during the month of March. As of March 15th, there was short interest totalling 49,900 shares, a drop of 37.6% from the February 28th total of 80,000 shares. Approximately 0.6% of the shares of the company are short sold. Based on an average trading volume of 40,400 shares, the days-to-cover ratio is currently 1.2 days.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Karooooo

Several hedge funds have recently bought and sold shares of the company. Jupiter Asset Management Ltd. boosted its holdings in Karooooo by 0.6% in the 4th quarter. Jupiter Asset Management Ltd. now owns 236,972 shares of the company’s stock valued at $10,699,000 after purchasing an additional 1,387 shares during the period. Capricorn Fund Managers Ltd bought a new stake in Karooooo during the fourth quarter valued at $6,146,000. Schwartz Investment Counsel Inc. grew its position in Karooooo by 17.2% during the fourth quarter. Schwartz Investment Counsel Inc. now owns 60,566 shares of the company’s stock worth $2,735,000 after buying an additional 8,881 shares in the last quarter. Marshall Wace LLP grew its position in Karooooo by 32.4% during the fourth quarter. Marshall Wace LLP now owns 39,021 shares of the company’s stock worth $1,762,000 after buying an additional 9,552 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in Karooooo in the 4th quarter worth about $635,000.

Karooooo Stock Performance

Shares of NASDAQ:KARO traded down $0.38 during trading on Friday, hitting $42.66. 15,180 shares of the company were exchanged, compared to its average volume of 30,217. Karooooo has a 52-week low of $23.35 and a 52-week high of $50.54. The stock has a 50 day moving average of $44.83 and a 200 day moving average of $43.44. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.25 and a quick ratio of 1.24. The company has a market cap of $1.32 billion, a PE ratio of 27.35 and a beta of 1.03.

Karooooo (NASDAQ:KARO) last released its quarterly earnings data on Tuesday, January 14th. The company reported $0.43 earnings per share (EPS) 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%. As a group, equities research analysts predict that Karooooo will post 1.57 EPS for the current year.

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.