Karooooo Ltd. (NASDAQ:KARO) Sees Large Decline in Short Interest

Karooooo Ltd. (NASDAQ:KAROGet Rating) saw a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 7,000 shares, a drop of 20.5% from the August 15th total of 8,800 shares. Approximately 0.1% of the company’s stock are sold short. Based on an average daily trading volume, of 8,800 shares, the short-interest ratio is presently 0.8 days.

Hedge Funds Weigh In On Karooooo

Several hedge funds have recently added to or reduced their stakes in the stock. Schwartz Investment Counsel Inc. boosted its holdings in shares of Karooooo by 2.0% in the 2nd quarter. Schwartz Investment Counsel Inc. now owns 25,328 shares of the company’s stock valued at $545,000 after buying an additional 500 shares in the last quarter. Vaughan Nelson Investment Management L.P. purchased a new stake in Karooooo in the second quarter valued at $128,000. Finally, Jupiter Asset Management Ltd. boosted its stake in Karooooo by 27.5% in the first quarter. Jupiter Asset Management Ltd. now owns 140,612 shares of the company’s stock valued at $4,085,000 after acquiring an additional 30,357 shares in the last quarter. 14.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

KARO has been the topic of several recent research reports. Canaccord Genuity Group cut their price target on Karooooo from $48.00 to $45.00 in a report on Friday, July 29th. Stifel Nicolaus reduced their target price on shares of Karooooo from $40.00 to $34.00 in a report on Thursday, July 28th.

Karooooo Stock Performance

Shares of KARO stock opened at $25.20 on Monday. Karooooo has a 12 month low of $20.00 and a 12 month high of $40.81. The company has a current ratio of 1.90, a quick ratio of 1.82 and a debt-to-equity ratio of 0.05. The company has a market cap of $538.85 million, a P/E ratio of 22.69 and a beta of 1.63. The firm has a fifty day moving average price of $25.40 and a 200 day moving average price of $26.72.

Karooooo (NASDAQ:KAROGet Rating) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.05. Karooooo had a return on equity of 24.41% and a net margin of 17.67%. The business had revenue of $51.52 million during the quarter, compared to analysts’ expectations of $47.64 million. Sell-side analysts predict that Karooooo will post 1.2 earnings per share for the current fiscal year.

About Karooooo

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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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