Karooooo (NASDAQ:KARO) Sees Strong Trading Volume

Shares of Karooooo Ltd. (NASDAQ:KARO) saw strong trading volume on Monday . 6,382 shares traded hands during mid-day trading, a decline of 46% from the previous session’s volume of 11,826 shares.The stock last traded at $35.11 and had previously closed at $35.25.

Wall Street Analyst Weigh In

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

Karooooo Stock Up 4.1 %

The firm has a market cap of $776.52 million, a P/E ratio of 28.60 and a beta of 1.01. The firm’s 50 day moving average is $33.01 and its two-hundred day moving average is $28.81. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.05.

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

Karooooo Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 14th. Shareholders of record on Thursday, August 8th will be paid a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of 11.89%. This is a boost from Karooooo’s previous quarterly dividend of $0.85. The ex-dividend date is Thursday, August 8th. Karooooo’s payout ratio is presently 340.16%.

Institutional Investors Weigh In On Karooooo

Hedge funds have recently modified their holdings of the business. Acadian Asset Management LLC acquired a new position in shares of Karooooo in the 1st quarter valued at approximately $67,000. Renaissance Technologies LLC lifted its stake in Karooooo by 23.3% in the second 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 in the last quarter. Swedbank AB acquired a new position in shares of Karooooo in the first quarter valued at approximately $2,387,000. Jupiter Asset Management Ltd. increased its position in shares of Karooooo by 2.6% during the first quarter. Jupiter Asset Management Ltd. now owns 198,392 shares of the company’s stock worth $4,972,000 after acquiring an additional 5,002 shares in the last quarter. Finally, Schwarz Dygos Wheeler Investment Advisors LLC raised its holdings in shares of Karooooo by 1.2% during the second quarter. Schwarz Dygos Wheeler Investment Advisors LLC now owns 175,349 shares of the company’s stock worth $5,138,000 after acquiring an additional 2,000 shares during the period.

Karooooo Company Profile

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.