Morgan Stanley Reiterates Overweight Rating for Karooooo (NASDAQ:KARO)

Morgan Stanley reissued their overweight rating on shares of Karooooo (NASDAQ:KARO - Free Report) in a report published on Thursday, MarketBeat.com reports. The firm currently has a $53.00 price target on the stock, up from their prior price target of $43.00.

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

Karooooo Trading Up 0.9%

Karooooo stock traded up $0.44 during trading hours on Thursday, hitting $47.74. The stock had a trading volume of 82,823 shares, compared to its average volume of 41,114. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.05. The stock has a market cap of $1.47 billion, a price-to-earnings ratio of 29.11 and a beta of 1.14. Karooooo has a one year low of $28.04 and a one year high of $63.36. The business's 50 day simple moving average is $49.20 and its 200-day simple moving average is $46.11.

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, beating analysts' consensus estimates of $0.37 by $0.07. The business had revenue of $65.12 million during the quarter, compared to analyst estimates of $1.18 billion. Karooooo had a net margin of 20.17% and a return on equity of 30.98%. During the same quarter last year, the business earned $6.81 EPS. On average, equities analysts predict that Karooooo will post 1.57 EPS for the current fiscal year.

Hedge Funds Weigh In On Karooooo

Hedge funds have recently made changes to their positions in the stock. New York State Common Retirement Fund bought a new position in Karooooo during the 4th quarter worth approximately $26,000. BNP Paribas Financial Markets bought a new position in Karooooo during the 4th quarter worth approximately $210,000. Lazard Asset Management LLC raised its stake in Karooooo by 17.5% during the fourth quarter. Lazard Asset Management LLC now owns 4,961 shares of the company's stock worth $223,000 after buying an additional 740 shares during the last quarter. Nipun Capital L.P. bought a new position in Karooooo during the first quarter worth $242,000. Finally, Northern Trust Corp bought a new position in Karooooo during the fourth quarter worth $340,000.

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.