Karooooo (NASDAQ:KARO) Sees Unusually-High Trading Volume – Still a Buy?

Shares of Karooooo Ltd. (NASDAQ:KARO) saw strong trading volume on Monday . 157,899 shares traded hands during trading, an increase of 149% from the previous session’s volume of 63,449 shares.The stock last traded at $49.0780 and had previously closed at $47.70.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Roth Mkm restated a “buy” rating and set a $68.00 target price on shares of Karooooo in a report on Thursday, May 14th. Weiss Ratings restated a “buy (b-)” rating on shares of Karooooo in a report on Friday, April 24th. UBS Group dropped their target price on shares of Karooooo from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, May 15th. Finally, Wall Street Zen cut shares of Karooooo from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Karooooo has an average rating of “Moderate Buy” and a consensus target price of $59.20.

Karooooo Trading Down 1.5%

The stock has a market cap of $1.53 billion, a P/E ratio of 26.82 and a beta of 0.89. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.17. The stock’s fifty day moving average price is $48.97 and its 200 day moving average price is $47.44.

Karooooo (NASDAQ:KARO) last posted its quarterly earnings results on Tuesday, April 14th. The company reported $0.45 earnings per share (EPS) for the quarter. The firm had revenue of $90.93 million during the quarter. Karooooo had a return on equity of 31.26% and a net margin of 18.07%. Equities research analysts expect that Karooooo Ltd. will post 2.37 earnings per share for the current year.

Karooooo Increases Dividend

The business also recently declared an annual dividend, which will be paid on Monday, July 27th. Stockholders of record on Friday, July 17th will be given a $1.50 dividend. The ex-dividend date of this dividend is Friday, July 17th. This represents a dividend yield of 347.0%. This is a boost from Karooooo’s previous annual dividend of $1.25. Karooooo’s payout ratio is presently 81.08%.

Hedge Funds Weigh In On Karooooo

Large investors have recently modified their holdings of the stock. Capricorn Fund Managers Ltd raised its position in shares of Karooooo by 39.4% in the 4th quarter. Capricorn Fund Managers Ltd now owns 238,078 shares of the company’s stock worth $10,833,000 after purchasing an additional 67,322 shares during the last quarter. Tudor Investment Corp ET AL raised its position in shares of Karooooo by 238.3% in the 3rd quarter. Tudor Investment Corp ET AL now owns 17,917 shares of the company’s stock worth $1,023,000 after purchasing an additional 12,621 shares during the last quarter. RFG Advisory LLC purchased a new position in shares of Karooooo in the 3rd quarter worth about $1,031,000. Schwartz Investment Counsel Inc. raised its position in shares of Karooooo by 22.9% in the 4th quarter. Schwartz Investment Counsel Inc. now owns 78,365 shares of the company’s stock worth $3,566,000 after purchasing an additional 14,600 shares during the last quarter. Finally, New York State Common Retirement Fund raised its position in shares of Karooooo by 57.6% in the 3rd quarter. New York State Common Retirement Fund now owns 5,134 shares of the company’s stock worth $293,000 after purchasing an additional 1,876 shares during the last quarter.

About Karooooo

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.