Karooooo's (KARO) Outperform Rating Reiterated at Raymond James Financial

Karooooo (NASDAQ:KARO - Get Free Report)'s stock had its "outperform" rating restated by Raymond James Financial in a report released on Thursday,Benzinga reports. They presently have a $60.00 target price on the stock, up from their previous target price of $58.00. Raymond James Financial's price target points to a potential upside of 24.75% from the company's current price.

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

Karooooo Price Performance

Shares of NASDAQ:KARO traded down $0.54 during midday trading on Thursday, reaching $48.10. The company's stock had a trading volume of 38,837 shares, compared to its average volume of 49,928. Karooooo has a fifty-two week low of $28.04 and a fifty-two week high of $63.36. The company has a market capitalization of $1.49 billion, a P/E ratio of 27.96 and a beta of 1.08. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.14 and a quick ratio of 1.14. The business's fifty day simple moving average is $51.62 and its 200-day simple moving average is $46.55.

Karooooo (NASDAQ:KARO - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The company reported $0.47 EPS for the quarter, topping analysts' consensus estimates of $0.45 by $0.02. The firm had revenue of $70.49 million during the quarter, compared to analyst estimates of $1.25 billion. Karooooo had a return on equity of 32.70% and a net margin of 20.23%. As a group, equities research analysts expect that Karooooo will post 1.57 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Raymond James Financial Inc. acquired a new position in shares of Karooooo during the 4th quarter worth approximately $635,000. JPMorgan Chase & Co. boosted its stake in Karooooo by 1,727.0% in the 4th quarter. JPMorgan Chase & Co. now owns 8,934 shares of the company's stock valued at $403,000 after purchasing an additional 8,445 shares during the period. Squarepoint Ops LLC lifted its position in shares of 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 acquiring an additional 602 shares during the period. Northern Trust Corp bought a new stake in shares of Karooooo during the 4th quarter valued at $340,000. Finally, BNP Paribas Financial Markets bought a new stake in shares of Karooooo during the 4th quarter valued at $210,000.

About Karooooo

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.