Karooooo Ltd. (NASDAQ:KARO) Receives $59.20 Average Price Target from Analysts

Shares of Karooooo Ltd. (NASDAQ:KARO) have earned an average rating of “Moderate Buy” from the seven research firms that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $59.20.

A number of brokerages have issued reports on KARO. Wall Street Zen downgraded Karooooo from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. UBS Group reduced their target price on Karooooo from $60.00 to $55.00 and set a “buy” rating for the company in a report on Friday, May 15th. Needham & Company LLC reaffirmed a “buy” rating on shares of Karooooo in a research note on Wednesday. Roth Mkm reiterated a “buy” rating and set a $68.00 price target on shares of Karooooo in a research report on Thursday, May 14th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Karooooo in a research report on Friday, April 24th.

Institutional Trading of Karooooo

Several large investors have recently made changes to their positions in the company. Bank of America Corp DE increased its position in shares of Karooooo by 9.5% during the first quarter. Bank of America Corp DE now owns 8,798 shares of the company’s stock worth $438,000 after purchasing an additional 764 shares in the last quarter. Lazard Asset Management LLC purchased a new stake in shares of Karooooo during the first quarter worth approximately $1,015,000. Renaissance Technologies LLC increased its position in shares of Karooooo by 1.4% during the first quarter. Renaissance Technologies LLC now owns 27,987 shares of the company’s stock worth $1,395,000 after purchasing an additional 400 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Karooooo by 35.1% during the first quarter. Arrowstreet Capital Limited Partnership now owns 19,259 shares of the company’s stock worth $960,000 after purchasing an additional 4,999 shares in the last quarter. Finally, R Squared Ltd purchased a new stake in shares of Karooooo during the first quarter worth approximately $296,000.

Karooooo Stock Performance

Shares of KARO stock opened at $47.12 on Friday. The company has a market capitalization of $1.46 billion, a P/E ratio of 25.47 and a beta of 0.89. The business’s 50 day moving average is $49.07 and its two-hundred day moving average is $47.50. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.17. Karooooo has a 12-month low of $41.25 and a 12-month high of $60.95.

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

Karooooo Increases Dividend

The company also recently declared an annual dividend, which will be paid on Monday, July 27th. Investors of record on Friday, July 17th will be given a dividend of $1.50 per share. The ex-dividend date is Friday, July 17th. This is a positive change from Karooooo’s previous annual dividend of $1.25. This represents a dividend yield of 347.0%. Karooooo’s dividend payout ratio (DPR) is presently 67.57%.

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.