Karooooo (NASDAQ:KARO) Price Target Raised to $70.00

Key Points

• Freedom Broker raised Karooooo’s price target to $70 from $65 but maintained a “hold” rating, implying approximately 10% upside from the stock’s $63.65 price.
• Analyst sentiment is generally positive: five analysts rate Karooooo a “buy” and three rate it a “hold,” producing a “Moderate Buy” consensus and an average price target of $72.80.
• Karooooo shares are trading near their 12-month high of $68.80, while insiders have sold 277,617 shares worth approximately $17.8 million during the last quarter.

Karooooo (NASDAQ:KARO - Get Free Report) had its target price raised by investment analysts at Freedom Broker from $65.00 to $70.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a "hold" rating on the stock. Freedom Broker's price target suggests a potential upside of 9.98% from the stock's current price.

Other analysts have also recently issued reports about the stock. Wall Street Zen raised shares of Karooooo from a "hold" rating to a "buy" rating in a report on Monday, August 17th. Needham & Company LLC lifted their price target on shares of Karooooo from $60.00 to $70.00 and gave the stock a "buy" rating in a research note on Tuesday, July 14th. Freedom Capital downgraded shares of Karooooo from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 17th. Raymond James Financial upped their price objective on Karooooo from $60.00 to $75.00 and gave the stock an "outperform" rating in a research note on Friday, July 17th. Finally, Roth Capital reaffirmed a "buy" rating and issued a $74.00 target price on shares of Karooooo in a report on Friday, July 17th. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $72.80.

Karooooo Stock Performance

Shares of NASDAQ:KARO traded up $2.18 during trading on Thursday, hitting $63.65. The company's stock had a trading volume of 118,366 shares, compared to its average volume of 80,164. The company has a 50-day moving average of $63.42 and a 200-day moving average of $56.58. Karooooo has a 12 month low of $41.25 and a 12 month high of $68.80. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.64 and a quick ratio of 1.01. The firm has a market cap of $1.97 billion, a price-to-earnings ratio of 30.45 and a beta of 0.89.

Insider Buying and Selling

In other Karooooo news, CEO Isaias Calisto sold 6,202 shares of Karooooo 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 transaction, the chief executive officer owned 17,640,700 shares of the company's stock, valued at $1,120,184,450. The trade was a 0.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders have sold 277,617 shares of company stock worth $17,840,247. 74.73% of the stock is currently owned by company insiders.

Institutional Trading of Karooooo

A number of hedge funds and other institutional investors have recently modified their holdings of KARO. Public Employees Retirement System of Ohio bought a new stake in shares of Karooooo during the 2nd quarter valued at $54,000. Allworth Financial LP bought a new position in Karooooo in the 2nd quarter worth $64,000. R Squared Ltd bought a new position in Karooooo in the 1st quarter worth $296,000. DGS Capital Management LLC increased its stake in Karooooo by 5.7% in the 1st quarter. DGS Capital Management LLC now owns 7,359 shares of the company's stock worth $367,000 after buying an additional 398 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in Karooooo by 9.5% in the 1st quarter. Bank of America Corp DE now owns 8,798 shares of the company's stock worth $438,000 after buying an additional 764 shares in the last quarter.

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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