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

Shares of 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.

Analyst Ratings Changes

Separately, Raymond James raised their price objective on shares of Karooooo from $51.00 to $58.00 and gave the stock an "outperform" rating in a report on Friday, May 16th.

Karooooo Price Performance

The company's fifty day moving average price is $47.72 and its 200 day moving average price is $46.02. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.24 and a current ratio of 1.25. The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of 30.92 and a beta of 1.15.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. New York State Common Retirement Fund acquired a new position in Karooooo during the 4th quarter valued at about $26,000. Squarepoint Ops LLC boosted its stake in Karooooo by 6.8% during the 4th quarter. Squarepoint Ops LLC now owns 9,494 shares of the company's stock valued at $429,000 after purchasing an additional 602 shares during the period. Lazard Asset Management LLC boosted its stake in Karooooo by 17.5% during the 4th 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 during the period. Jupiter Asset Management Ltd. boosted its stake in Karooooo by 0.6% during the 4th quarter. Jupiter Asset Management Ltd. now owns 236,972 shares of the company's stock valued at $10,699,000 after purchasing an additional 1,387 shares during the period. Finally, Polen Capital Management LLC boosted 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 valued at $599,000 after purchasing an additional 2,639 shares during the period.

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.