Karooooo (NASDAQ:KARO) Coverage Initiated by Analysts at Needham & Company LLC

Equities research analysts at Needham & Company LLC started coverage on shares of Karooooo (NASDAQ:KARO) in a report issued on Wednesday, Marketbeat.com reports. The brokerage set a “buy” rating and a $60.00 price target on the stock. Needham & Company LLC’s price objective indicates a potential upside of 18.68% from the stock’s current price.

Other analysts also recently issued research reports about the stock. Morgan Stanley reaffirmed an “overweight” rating and set a $53.00 price objective (up previously from $43.00) on shares of Karooooo in a research report on Thursday, June 26th. Raymond James Financial raised their price objective on shares of Karooooo from $51.00 to $58.00 and gave the stock an “outperform” rating in a research report on Friday, May 16th.

Karooooo Trading Up 0.3%

KARO stock traded up $0.14 during trading on Wednesday, hitting $50.56. The company had a trading volume of 2,026 shares, compared to its average volume of 43,374. The business has a 50-day moving average of $51.19 and a 200-day moving average of $46.44. Karooooo has a one year low of $28.04 and a one year high of $63.36. The stock has a market cap of $1.56 billion, a PE ratio of 30.83 and a beta of 1.08. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.05.

Karooooo (NASDAQ:KARO) last posted its quarterly earnings results on Wednesday, May 14th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.07. The firm had revenue of $65.12 million for the quarter, compared to analysts’ expectations of $1.18 billion. Karooooo had a return on equity of 30.98% and a net margin of 20.17%. During the same period in the prior year, the business earned $6.81 EPS. Research analysts predict that Karooooo will post 1.57 earnings per share for the current fiscal year.

Institutional Trading of Karooooo

Several hedge funds have recently bought and sold shares of the business. Capricorn Fund Managers Ltd grew its position in Karooooo by 8.0% in the 1st quarter. Capricorn Fund Managers Ltd now owns 143,470 shares of the company’s stock valued at $6,103,000 after purchasing an additional 10,586 shares during the period. Acadian Asset Management LLC grew its position in Karooooo by 77.9% in the 1st quarter. Acadian Asset Management LLC now owns 46,454 shares of the company’s stock valued at $1,955,000 after purchasing an additional 20,347 shares during the period. Marshall Wace LLP grew its position in Karooooo by 32.4% in the 4th quarter. Marshall Wace LLP now owns 39,021 shares of the company’s stock valued at $1,762,000 after purchasing an additional 9,552 shares during the period. Raymond James Financial Inc. acquired a new stake in Karooooo in the 4th quarter valued at $635,000. Finally, Credit Agricole S A grew its position in Karooooo by 95.5% in the 1st quarter. Credit Agricole S A now owns 14,049 shares of the company’s stock valued at $598,000 after purchasing an additional 6,861 shares during the period.

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.