Karooooo (NASDAQ:KARO) Sees Unusually-High Trading Volume - Here's Why

Key Points

• Unusually-high trading volume: Karooooo traded about 110,977 shares mid-day (up ~120% from the prior session) as the stock changed hands near $50.22, versus a prior close of $48.96.
• Analyst sentiment: Six analysts rate the stock Buy and one rates it Hold, giving a consensus "Moderate Buy" with a consensus target of $59, including a $62 target from Roth MKM and recent upgrades from Weiss Ratings and Wall Street Zen.
• Institutional buying and fundamentals: Multiple funds materially increased positions (e.g., Capricorn +39.4%, Marshall Wace +699.1%, Two Sigma +115.4%), and the company has a $1.56 billion market cap, a PE of 27.24 and very low debt-to-equity (0.06).

Karooooo Ltd. (NASDAQ:KARO - Get Free Report) saw unusually-high trading volume on Friday . Approximately 110,977 shares traded hands during mid-day trading, an increase of 120% from the previous session's volume of 50,548 shares.The stock last traded at $50.2180 and had previously closed at $48.96.

Analysts Set New Price Targets

KARO has been the subject of a number of analyst reports. Weiss Ratings reissued a "buy (b-)" rating on shares of Karooooo in a research report on Friday, April 24th. Wall Street Zen raised Karooooo from a "hold" rating to a "buy" rating in a research report on Saturday, April 11th. Finally, Roth Mkm initiated coverage on Karooooo in a research report on Tuesday, February 17th. They issued a "buy" rating and a $62.00 price target for the company. Six equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $59.00.

Karooooo Price Performance

The firm has a market capitalization of $1.56 billion, a PE ratio of 27.24 and a beta of 1.02. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.06. The business has a 50-day moving average of $48.50 and a 200 day moving average of $47.11.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of KARO. Capricorn Fund Managers Ltd grew its stake in Karooooo by 39.4% in the 4th quarter. Capricorn Fund Managers Ltd now owns 238,078 shares of the company's stock valued at $10,833,000 after purchasing an additional 67,322 shares during the period. Marshall Wace LLP grew its stake in Karooooo by 699.1% in the 2nd quarter. Marshall Wace LLP now owns 55,602 shares of the company's stock valued at $2,723,000 after purchasing an additional 48,644 shares during the period. Two Sigma Investments LP grew its stake in Karooooo by 115.4% in the 3rd quarter. Two Sigma Investments LP now owns 74,130 shares of the company's stock valued at $4,234,000 after purchasing an additional 39,709 shares during the period. Aurora Investment Counsel bought a new position in Karooooo in the 4th quarter valued at $1,651,000. Finally, Russell Investments Group Ltd. bought a new position in Karooooo in the 2nd quarter valued at $1,378,000.

About Karooooo

Karooooo Ltd is a global provider of telematics software-as-a-service solutions for vehicle and fleet management. Through its flagship platform, the company delivers real-time GPS tracking, stolen vehicle recovery and driver behaviour analytics, enabling commercial fleets and automotive insurers to optimise operations, increase safety and reduce costs.

Karooooo's SaaS platform integrates proprietary hardware devices with cloud-based analytics and mobile applications. Customers gain access to live vehicle location data, engine diagnostics, route planning tools and customizable reporting dashboards.

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