Shares of Karooooo Ltd. (NASDAQ:KARO - Get Free Report) hit a new 52-week high on Friday after Raymond James raised their price target on the stock from $51.00 to $58.00. Raymond James currently has an outperform rating on the stock. Karooooo traded as high as $51.00 and last traded at $50.25, with a volume of 52453 shares. The stock had previously closed at $44.90.
Institutional Investors Weigh In On Karooooo
A number of hedge funds have recently modified their holdings of KARO. Acadian Asset Management LLC grew its stake in shares of Karooooo by 77.9% in the first quarter. Acadian Asset Management LLC now owns 46,454 shares of the company's stock valued at $1,955,000 after buying an additional 20,347 shares in the last quarter. State of Wyoming acquired a new position in shares of Karooooo during the first quarter worth about $418,000. Credit Agricole S A raised its holdings in Karooooo by 95.5% in the first quarter. Credit Agricole S A now owns 14,049 shares of the company's stock valued at $598,000 after acquiring an additional 6,861 shares in the last quarter. Capricorn Fund Managers Ltd increased its position in shares of Karooooo by 8.0% in the 1st quarter. Capricorn Fund Managers Ltd now owns 143,470 shares of the company's stock valued at $6,103,000 after purchasing an additional 10,586 shares during the last quarter. Finally, Nipun Capital L.P. purchased a new stake in shares of Karooooo during the 1st quarter worth $242,000.
Karooooo Stock Performance
The company has a debt-to-equity ratio of 0.14, a current ratio of 1.25 and a quick ratio of 1.24. The company has a market capitalization of $1.69 billion, a price-to-earnings ratio of 34.56 and a beta of 1.03. The stock has a 50 day simple moving average of $42.69 and a two-hundred day simple moving average of $44.18.
Karooooo (NASDAQ:KARO - Get Free Report) last issued its quarterly earnings results on Wednesday, May 14th. The company reported $0.44 earnings per share for the quarter, topping analysts' consensus estimates of $0.37 by $0.07. Karooooo had a net margin of 19.87% and a return on equity of 30.29%. The firm had revenue of $65.12 million during the quarter, compared to analysts' expectations of $1.18 billion. During the same quarter in the prior year, the business earned $6.81 EPS. As a group, analysts anticipate that Karooooo Ltd. will post 1.57 earnings per share for the current year.
Karooooo Company Profile
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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.
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