Wall Street Zen Upgrades Karooooo (NASDAQ:KARO) to Buy

Key Points

• Wall Street Zen upgraded Karooooo to “Buy” from “Hold,” joining five other analysts with buy ratings. The stock has a “Moderate Buy” consensus rating and an average price target of $73.50.
• Karooooo reported quarterly EPS of $0.59, exceeding the $0.51 analyst consensus, on revenue of $96.26 million. Analysts expect full-year EPS of approximately $2.41.
• KARO shares opened at $62.28, near their 12-month high of $67.14, while CEO Isaias Jose Calisto sold 8,235 shares for about $523,581; insiders still own 74.73% of the company.

Karooooo (NASDAQ:KARO - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Monday.

A number of other equities research analysts have also recently issued reports on KARO. Raymond James Financial upped their price objective on shares of Karooooo from $60.00 to $75.00 and gave the company an "outperform" rating in a research note on Friday, July 17th. UBS Group reissued a "buy" rating and issued a $75.00 price target on shares of Karooooo in a research note on Thursday, July 16th. Needham & Company LLC raised their price objective on Karooooo from $60.00 to $70.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. Roth Capital reissued a "buy" rating and issued a $74.00 target price on shares of Karooooo in a research note on Friday, July 17th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of Karooooo in a report on Friday, April 24th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $73.50.

Karooooo Stock Performance

Shares of KARO stock opened at $62.28 on Monday. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average price of $56.60 and a two-hundred day moving average price of $51.31. Karooooo has a 12-month low of $41.25 and a 12-month high of $67.14. The firm has a market cap of $1.92 billion, a P/E ratio of 31.61 and a beta of 0.85.

Karooooo (NASDAQ:KARO - Get Free Report) last announced its quarterly earnings data on Thursday, July 16th. The company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.51 by $0.08. The firm had revenue of $96.26 million for the quarter. Karooooo had a return on equity of 32.03% and a net margin of 17.74%. Equities analysts anticipate that Karooooo will post 2.41 EPS for the current fiscal year.

Insider Activity at Karooooo

In related news, CEO Isaias Jose Calisto sold 8,235 shares of the company's stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $63.58, for a total value of $523,581.30. Following the sale, the chief executive officer owned 17,649,723 shares in the company, valued at $1,122,169,388.34. This represents a 0.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last quarter, insiders sold 268,235 shares of company stock valued at $17,245,196. Insiders own 74.73% of the company's stock.

Institutional Investors Weigh In On Karooooo

A number of institutional investors have recently modified their holdings of the stock. Fideuram Asset Management Ireland dac purchased a new position in shares of Karooooo in the 4th quarter worth about $80,000. Royal Bank of Canada increased its stake in Karooooo by 852.9% during the 4th quarter. Royal Bank of Canada now owns 2,954 shares of the company's stock valued at $135,000 after purchasing an additional 2,644 shares in the last quarter. Quantbot Technologies LP purchased a new stake in Karooooo in the second quarter worth approximately $156,000. New York State Common Retirement Fund grew its position in Karooooo by 465.6% in the 2nd quarter. New York State Common Retirement Fund now owns 3,258 shares of the company's stock worth $160,000 after purchasing an additional 2,682 shares during the period. Finally, State of Tennessee Department of Treasury purchased a new stake in Karooooo during the 2nd quarter valued at $214,000.

Karooooo Company Profile

Karooooo Ltd is a global provider of telematics software-as-a-service solutions for vehicle and fleet management. Through its flagship platform, the company delivers real-time GPS tracking, stolen vehicle recovery and driver behaviour analytics, enabling commercial fleets and automotive insurers to optimise operations, increase safety and reduce costs.

Karooooo's SaaS platform integrates proprietary hardware devices with cloud-based analytics and mobile applications. Customers gain access to live vehicle location data, engine diagnostics, route planning tools and customizable reporting dashboards.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source