Karooooo (NASDAQ:KARO) Downgraded by Wall Street Zen to "Hold"

Key Points

• Wall Street Zen downgraded Karooooo from “Buy” to “Hold,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $72.80.
• Karooooo shares opened at $64.07, near their 52-week high of $68.80, with a market capitalization of approximately $1.98 billion.
• Insiders have sold 277,617 shares worth about $17.84 million over the past three months, although insiders still own 74.73% of the company.

Karooooo (NASDAQ:KARO - Get Free Report) was downgraded by analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

KARO has been the topic of a number of other research reports. Freedom Broker increased their price target on shares of Karooooo from $65.00 to $70.00 and gave the stock a "hold" rating in a research note on Thursday. Freedom Capital lowered shares of Karooooo from a "strong-buy" rating to a "hold" rating in a report on Friday, July 17th. Roth Capital reissued a "buy" rating and set a $74.00 price objective on shares of Karooooo in a research note on Friday, July 17th. Weiss Ratings restated a "buy (b-)" rating on shares of Karooooo in a report on Tuesday. Finally, Zacks Research downgraded Karooooo from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 5th. Five investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $72.80.

Karooooo Price Performance

KARO opened at $64.07 on Friday. Karooooo has a 1 year low of $41.25 and a 1 year high of $68.80. The company's 50 day simple moving average is $63.46 and its 200 day simple moving average is $56.73. The stock has a market capitalization of $1.98 billion, a PE ratio of 30.66 and a beta of 0.89. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.01 and a current ratio of 0.64.

Insider Activity

In related news, CEO Isaias Calisto sold 6,202 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $63.50, for a total transaction of $393,827.00. Following the completion of the sale, the chief executive officer owned 17,640,700 shares of the company's stock, valued at approximately $1,120,184,450. This represents a 0.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders sold 277,617 shares of company stock worth $17,840,247. 74.73% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Lazard Asset Management LLC acquired a new stake in shares of Karooooo in the first quarter worth $1,015,000. Engineers Gate Manager LP purchased a new position in shares of Karooooo in the 2nd quarter valued at $518,000. Capricorn Fund Managers Ltd raised its stake in shares of Karooooo by 16.9% in the 1st quarter. Capricorn Fund Managers Ltd now owns 278,346 shares of the company's stock valued at $13,873,000 after acquiring an additional 40,268 shares during the period. Vest Financial LLC lifted its holdings in shares of Karooooo by 96.9% during the 3rd quarter. Vest Financial LLC now owns 12,109 shares of the company's stock valued at $727,000 after acquiring an additional 5,960 shares in the last quarter. Finally, Allworth Financial LP acquired a new position in shares of Karooooo during the 2nd quarter valued at $64,000.

About Karooooo

Karooooo Ltd. is a Singapore-based technology company that provides connected-vehicle and mobility solutions through its Cartrack business. Its cloud-based platform uses telematics, vehicle tracking and data analytics to help businesses monitor vehicles and assets, improve fleet operations, manage driver behavior and enhance safety.

The company's products and services include real-time vehicle location and monitoring, fleet management, stolen-vehicle recovery, vehicle and asset tracking, maintenance and fuel-management tools, and workflow solutions.

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