Karooooo (NASDAQ:KARO) Share Price Crosses Below Fifty Day Moving Average - What's Next?

Key Points

• Karooooo shares slipped below their 50-day moving average on Friday, trading as low as $62.73 before closing at $63.42, just under the $63.43 average.
• Analyst sentiment remains favorable overall: MarketBeat reports a “Moderate Buy” consensus and a $72.80 average price target, with five Buy ratings and three Hold ratings.
• CEO Isaias Calisto sold 6,202 shares for about $394,000; the sale reduced his holdings by 0.04%. Insiders still own 74.73% of the company.

Karooooo Ltd. (NASDAQ:KARO - Get Free Report)'s share price crossed below its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $63.43 and traded as low as $62.73. Karooooo shares last traded at $63.42, with a volume of 47,512 shares.

Wall Street Analyst Weigh In

A number of brokerages recently commented on KARO. Freedom Broker upped their target price on Karooooo from $65.00 to $70.00 and gave the company a "hold" rating in a research report on Thursday, October 22nd. Zacks Research lowered shares of Karooooo from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 5th. Weiss Ratings restated a "buy (b-)" rating on shares of Karooooo in a research note on Tuesday, October 20th. Finally, Wall Street Zen downgraded shares of Karooooo from a "buy" rating to a "hold" rating in a report on Saturday, October 24th. Five investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Karooooo has an average rating of "Moderate Buy" and a consensus target price of $72.80.

Karooooo Stock Performance

The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $1.96 billion, a PE ratio of 30.34 and a beta of 0.81. The firm's fifty day moving average price is $63.43 and its two-hundred day moving average price is $55.31.

Insiders Place Their Bets

In other Karooooo news, CEO Isaias Calisto sold 6,202 shares of the company's stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $63.50, for a total value of $393,827.00. Following the completion of the transaction, the chief executive officer owned 17,640,700 shares in the company, valued at approximately $1,120,184,450. This represents a 0.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold a total of 8,404 shares of company stock valued at $533,143 over the last three months. 74.73% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Karooooo

Several institutional investors and hedge funds have recently modified their holdings of the business. Putney Financial Group LLC acquired a new position in Karooooo in the 3rd quarter worth about $27,000. Public Employees Retirement System of Ohio acquired a new stake in Karooooo in the second quarter valued at approximately $54,000. Allworth Financial LP acquired a new stake in Karooooo in the second quarter valued at approximately $64,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Karooooo in the third quarter valued at approximately $217,000. Finally, Bank of America Corp DE increased its position in shares of Karooooo by 9.5% in the first quarter. Bank of America Corp DE now owns 8,798 shares of the company's stock valued at $438,000 after buying an additional 764 shares in the last quarter.

About Karooooo

Karooooo Ltd. is a mobility software company whose principal business operates under the Cartrack brand. It provides a cloud-based platform that helps businesses monitor and manage vehicles, fleets and mobile workforces. Cartrack's services include vehicle tracking, fleet management, driver and vehicle performance monitoring, and tools for managing and coordinating field operations. Its platform combines connected-vehicle data with software and mobile applications to help customers oversee operations and improve the use of their vehicles and staff.

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