Karooooo (NASDAQ:KARO) Shares Gap Up to $34.89

Karooooo Ltd. (NASDAQ:KARO) shares gapped up prior to trading on Tuesday . The stock had previously closed at $34.89, but opened at $35.93. Karooooo shares last traded at $34.95, with a volume of 1,696 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley lifted their target price on shares of Karooooo from $31.00 to $37.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th.

Karooooo Stock Performance

The company has a 50 day simple moving average of $32.87 and a 200-day simple moving average of $28.73. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.52 and a quick ratio of 1.52. The stock has a market cap of $776.95 million, a P/E ratio of 27.47 and a beta of 1.01.

Karooooo (NASDAQ:KARO) last released its earnings results on Thursday, July 18th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.03. The company had revenue of $58.29 million during the quarter, compared to the consensus estimate of $58.54 million. Karooooo had a return on equity of 27.88% and a net margin of 18.70%. On average, equities analysts expect that Karooooo Ltd. will post 1.57 earnings per share for the current fiscal year.

Karooooo Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 14th. Investors of record on Thursday, August 8th will be issued a dividend of $1.08 per share. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $4.32 annualized dividend and a dividend yield of 11.89%. This is a positive change from Karooooo’s previous quarterly dividend of $0.85. Karooooo’s dividend payout ratio (DPR) is currently 340.16%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Jupiter Asset Management Ltd. boosted its holdings in Karooooo by 2.6% during the 1st quarter. Jupiter Asset Management Ltd. now owns 198,392 shares of the company’s stock valued at $4,972,000 after acquiring an additional 5,002 shares during the period. Acadian Asset Management LLC bought a new position in shares of Karooooo in the first quarter worth approximately $67,000. Swedbank AB purchased a new position in shares of Karooooo in the first quarter worth $2,387,000. Schwarz Dygos Wheeler Investment Advisors LLC raised its holdings in Karooooo by 1.2% during the 2nd quarter. Schwarz Dygos Wheeler Investment Advisors LLC now owns 175,349 shares of the company’s stock valued at $5,138,000 after buying an additional 2,000 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in Karooooo by 23.3% during the 2nd quarter. Renaissance Technologies LLC now owns 17,757 shares of the company’s stock valued at $520,000 after buying an additional 3,356 shares during the period.

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.