Karooooo (NASDAQ:KARO) Upgraded by Wall Street Zen to Buy Rating

Karooooo (NASDAQ:KARO) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

Several other equities analysts also recently commented on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Karooooo in a research note on Friday, April 24th. Roth Mkm reaffirmed a “buy” rating and set a $68.00 price objective on shares of Karooooo in a research note on Thursday, May 14th. Needham & Company LLC reissued a “buy” rating on shares of Karooooo in a research note on Wednesday, June 3rd. Finally, UBS Group decreased their price target on shares of Karooooo from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, May 15th. Six investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, Karooooo currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.20.

Karooooo Stock Performance

Shares of NASDAQ:KARO opened at $47.27 on Friday. The company has a market cap of $1.46 billion, a price-to-earnings ratio of 25.55 and a beta of 0.89. The company has a 50-day moving average price of $48.82 and a 200-day moving average price of $47.64. 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 $60.53.

Karooooo (NASDAQ:KARO) last issued its quarterly earnings data on Tuesday, April 14th. The company reported $0.45 EPS for the quarter. The firm had revenue of $90.93 million during the quarter. Karooooo had a net margin of 18.07% and a return on equity of 31.26%. As a group, equities analysts anticipate that Karooooo will post 2.37 EPS for the current year.

Hedge Funds Weigh In On Karooooo

A number of institutional investors have recently bought and sold shares of KARO. Geode Capital Management LLC raised its stake in Karooooo by 56.6% in the second quarter. Geode Capital Management LLC now owns 29,892 shares of the company’s stock worth $1,464,000 after buying an additional 10,799 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Karooooo by 216.0% during the second quarter. JPMorgan Chase & Co. now owns 8,089 shares of the company’s stock valued at $396,000 after purchasing an additional 5,529 shares in the last quarter. Russell Investments Group Ltd. bought a new position in shares of Karooooo during the second quarter valued at approximately $1,378,000. New York State Common Retirement Fund increased its stake in shares of Karooooo by 465.6% during the second quarter. New York State Common Retirement Fund now owns 3,258 shares of the company’s stock valued at $160,000 after purchasing an additional 2,682 shares in the last quarter. Finally, Quantbot Technologies LP bought a new position in shares of Karooooo during the second quarter valued at approximately $156,000.

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.