Karooooo (NASDAQ:KARO) Stock Rating Upgraded by Zacks Research

Key Points

• Zacks Research has upgraded Karooooo's stock rating to a "strong-buy", indicating increased confidence in the company's future performance.
• Karooooo's recent quarterly earnings report showed an EPS of $0.47, beating estimates, with a revenue of $70.49 million.
• Various analysts have set optimistic price targets for Karooooo's stock, with estimates ranging from $53.00 to $60.00, reflecting positive sentiment in the market.

Karooooo (NASDAQ:KARO - Get Free Report) was upgraded by equities researchers at Zacks Research to a "strong-buy" rating in a research note issued on Tuesday,Zacks.com reports.

Other equities analysts have also recently issued reports about the stock. Needham & Company LLC began coverage on shares of Karooooo in a report on Wednesday, July 16th. They set a "buy" rating and a $60.00 price target on the stock. Morgan Stanley restated an "overweight" rating and set a $53.00 price target (up from $43.00) on shares of Karooooo in a report on Thursday, June 26th. Finally, Raymond James Financial restated an "outperform" rating and set a $60.00 price target (up from $58.00) on shares of Karooooo in a report on Thursday, July 24th.

Karooooo Stock Performance

KARO opened at $47.90 on Tuesday. The business's 50 day moving average is $48.94 and its 200-day moving average is $46.56. The stock has a market cap of $1.48 billion, a PE ratio of 27.85 and a beta of 1.07. The company has a current ratio of 1.17, a quick ratio of 1.16 and a debt-to-equity ratio of 0.05. Karooooo has a twelve month low of $34.00 and a twelve month high of $63.36.

Karooooo (NASDAQ:KARO - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.02. The company had revenue of $70.49 million for the quarter, compared to analysts' expectations of $1.25 billion. Karooooo had a return on equity of 31.48% and a net margin of 20.23%. On average, analysts predict that Karooooo will post 1.57 earnings per share for the current year.

Institutional Inflows and Outflows

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

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