Karooooo (NASDAQ:KARO) Sees Strong Trading Volume - Time to Buy?

Shares of Karooooo Ltd. (NASDAQ:KARO - Get Free Report) saw unusually-high trading volume on Monday . Approximately 34,471 shares traded hands during trading, a decline of 16% from the previous session's volume of 41,118 shares.The stock last traded at $48.04 and had previously closed at $47.74.

Analysts Set New Price Targets

KARO has been the topic of several analyst reports. Morgan Stanley reaffirmed an "overweight" rating and set a $53.00 price target (up from $43.00) on shares of Karooooo in a research report on Thursday, June 26th. Raymond James Financial boosted their price target on Karooooo from $51.00 to $58.00 and gave the stock an "outperform" rating in a research report on Friday, May 16th.

Karooooo Stock Performance

The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.05. The stock's 50 day moving average is $49.58 and its 200 day moving average is $46.14. The firm has a market cap of $1.50 billion, a price-to-earnings ratio of 29.56 and a beta of 1.08.

Karooooo (NASDAQ:KARO - Get Free Report) last released its quarterly earnings results on Wednesday, May 14th. The company reported $0.44 earnings per share for the quarter, beating analysts' consensus estimates of $0.37 by $0.07. The company had revenue of $65.12 million during the quarter, compared to the consensus estimate of $1.18 billion. Karooooo had a net margin of 20.17% and a return on equity of 30.98%. During the same period in the previous year, the business earned $6.81 earnings per share. Analysts anticipate that Karooooo Ltd. will post 1.57 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. New York State Common Retirement Fund bought a new position in shares of Karooooo during the 4th quarter worth approximately $26,000. BNP Paribas Financial Markets acquired a new stake in Karooooo in the fourth quarter worth $210,000. Lazard Asset Management LLC increased its stake in Karooooo by 17.5% in the fourth quarter. Lazard Asset Management LLC now owns 4,961 shares of the company's stock valued at $223,000 after purchasing an additional 740 shares in the last quarter. Nipun Capital L.P. acquired a new position in shares of Karooooo during the first quarter valued at about $242,000. Finally, Northern Trust Corp bought a new position in shares of Karooooo during the 4th quarter worth about $340,000.

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.