Karooooo (NASDAQ:KARO) Sees Strong Trading Volume – Here’s Why

Shares of Karooooo Ltd. (NASDAQ:KARO) saw unusually-strong trading volume on Friday . Approximately 53,346 shares traded hands during trading, a decline of 4% from the previous session’s volume of 55,446 shares.The stock last traded at $45.36 and had previously closed at $45.38.

Analysts Set New Price Targets

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

Karooooo Price Performance

The firm has a market cap of $1.42 billion, a price-to-earnings ratio of 29.43 and a beta of 1.03. The business has a 50 day simple moving average of $45.40 and a 200-day simple moving average of $40.40. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.24 and a current ratio of 1.25.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capricorn Fund Managers Ltd purchased a new stake in shares of Karooooo during the 4th quarter valued at $6,146,000. Quadrature Capital Ltd bought a new stake in Karooooo in the third quarter worth about $216,000. Walleye Capital LLC purchased a new position in Karooooo in the third quarter valued at about $323,000. Gladius Capital Management LP grew its position in shares of Karooooo by 124.2% during the 3rd quarter. Gladius Capital Management LP now owns 14,513 shares of the company’s stock valued at $575,000 after acquiring an additional 8,041 shares during the period. Finally, Renaissance Technologies LLC increased its stake in shares of 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 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.