Karooooo (NASDAQ:KARO) Stock Price Down 8.8% - Here's What Happened

Shares of Karooooo Ltd. (NASDAQ:KARO - Get Free Report) fell 8.8% during mid-day trading on Wednesday . The stock traded as low as $59.50 and last traded at $57.54. 8,948 shares were traded during trading, a decline of 73% from the average session volume of 33,478 shares. The stock had previously closed at $63.10.

Wall Street Analyst Weigh In

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

Karooooo Trading Up 0.8%

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 stock has a market cap of $1.80 billion, a P/E ratio of 37.40 and a beta of 1.15. The company has a 50-day simple moving average of $46.15 and a 200-day simple moving average of $45.57.

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

Hedge Funds Weigh In On Karooooo

Hedge funds have recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new stake in Karooooo during the 4th quarter worth about $635,000. JPMorgan Chase & Co. grew its position in shares of Karooooo by 1,727.0% during the 4th quarter. JPMorgan Chase & Co. now owns 8,934 shares of the company's stock worth $403,000 after buying an additional 8,445 shares during the period. BNP Paribas Financial Markets bought a new stake in shares of Karooooo during the fourth quarter worth approximately $210,000. Northern Trust Corp bought a new stake in shares of Karooooo during the fourth quarter worth approximately $340,000. Finally, Squarepoint Ops LLC lifted its holdings in Karooooo by 6.8% in the fourth quarter. Squarepoint Ops LLC now owns 9,494 shares of the company's stock valued at $429,000 after buying an additional 602 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.