Needham & Company LLC Begins Coverage on Karooooo (NASDAQ:KARO)

Needham & Company LLC began coverage on shares of Karooooo (NASDAQ:KARO - Free Report) in a report issued on Wednesday morning, Marketbeat.com reports. The firm issued a buy rating and a $60.00 price objective on the stock.

Other research analysts have also recently issued reports about the stock. Raymond James Financial boosted their target price on shares of Karooooo from $51.00 to $58.00 and gave the company an "outperform" rating in a research note on Friday, May 16th. Morgan Stanley restated an "overweight" rating and issued a $53.00 target price (up from $43.00) on shares of Karooooo in a research note on Thursday, June 26th.

Karooooo Stock Up 0.7%

Shares of KARO stock traded up $0.37 during trading hours on Wednesday, reaching $50.43. The company had a trading volume of 27,683 shares, compared to its average volume of 43,444. 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 company has a market cap of $1.56 billion, a price-to-earnings ratio of 30.76 and a beta of 1.08. The business has a fifty day simple moving average of $51.07 and a 200-day simple moving average of $46.42. Karooooo has a 12 month low of $28.04 and a 12 month high of $63.36.

Karooooo (NASDAQ:KARO - Get Free Report) last released its quarterly earnings results on Wednesday, May 14th. The company reported $0.44 earnings per share for the quarter, beating analysts' consensus estimates of $0.37 by $0.07. Karooooo had a net margin of 20.17% and a return on equity of 30.98%. The company had revenue of $65.12 million for the quarter, compared to analyst estimates of $1.18 billion. During the same period last year, the firm earned $6.81 earnings per share. On average, research analysts expect that Karooooo will post 1.57 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of KARO. Acadian Asset Management LLC lifted its position in shares of Karooooo by 77.9% during the first quarter. Acadian Asset Management LLC now owns 46,454 shares of the company's stock worth $1,955,000 after acquiring an additional 20,347 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Karooooo during the fourth quarter valued at about $635,000. Capricorn Fund Managers Ltd lifted its stake in Karooooo by 8.0% in the 1st quarter. Capricorn Fund Managers Ltd now owns 143,470 shares of the company's stock worth $6,103,000 after purchasing an additional 10,586 shares in the last quarter. State of Wyoming purchased a new position in Karooooo during the first quarter worth about $418,000. Finally, Marshall Wace LLP increased its position in shares of Karooooo by 32.4% in the fourth quarter. Marshall Wace LLP now owns 39,021 shares of the company's stock worth $1,762,000 after purchasing an additional 9,552 shares during the last quarter.

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.