Karooooo (NASDAQ:KARO) Shares Gap Down - Here's Why

Karooooo Ltd. (NASDAQ:KARO - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $59.53, but opened at $50.00. Karooooo shares last traded at $49.72, with a volume of 212,714 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Raymond James increased their price target on Karooooo from $51.00 to $58.00 and gave the company an "outperform" rating in a report on Friday, May 16th.

Karooooo Stock Up 1.1%

The company has a quick ratio of 1.24, a current ratio of 1.25 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $1.49 billion, a PE ratio of 30.92 and a beta of 1.15. The firm has a 50-day moving average of $47.72 and a two-hundred day moving average of $46.03.

Karooooo (NASDAQ:KARO - Get Free Report) last issued its quarterly earnings data on Wednesday, May 14th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.37 by $0.07. Karooooo had a return on equity of 30.29% and a net margin of 19.87%. The firm had revenue of $65.12 million during the quarter, compared to the consensus estimate of $1.18 billion. During the same period last year, the company earned $6.81 EPS. Equities research analysts predict that Karooooo Ltd. will post 1.57 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Karooooo

Institutional investors and hedge funds have recently made changes to their positions in the stock. New York State Common Retirement Fund acquired a new stake in shares of Karooooo during the fourth quarter worth about $26,000. Raymond James Financial Inc. acquired a new position in shares of Karooooo in the 4th quarter valued at $635,000. Jupiter Asset Management Ltd. boosted its stake in Karooooo by 0.6% in the fourth quarter. Jupiter Asset Management Ltd. now owns 236,972 shares of the company's stock valued at $10,699,000 after acquiring an additional 1,387 shares in the last quarter. Polen Capital Management LLC grew its stake in Karooooo by 24.8% during the 4th quarter. Polen Capital Management LLC now owns 13,273 shares of the company's stock worth $599,000 after buying an additional 2,639 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of Karooooo by 1,727.0% during the fourth quarter. JPMorgan Chase & Co. now owns 8,934 shares of the company's stock worth $403,000 after acquiring an additional 8,445 shares during the last quarter.

Karooooo Company Profile

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.