Wall Street Zen Downgrades Karooooo (NASDAQ:KARO) to Hold

Karooooo (NASDAQ:KARO) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Sunday.

Several other analysts have also issued reports on the stock. Roth Mkm restated a “buy” rating and issued a $68.00 price objective on shares of Karooooo in a report on Thursday, May 14th. UBS Group decreased their target price on shares of Karooooo from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, May 15th. Needham & Company LLC reaffirmed a “buy” rating on shares of Karooooo in a research note on Wednesday, June 3rd. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Karooooo in a research report on Friday, April 24th. Six research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $59.20.

Karooooo Price Performance

KARO stock opened at $47.14 on Friday. The business has a fifty day moving average of $48.58 and a two-hundred day moving average of $47.74. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.17. The stock has a market cap of $1.46 billion, a price-to-earnings ratio of 25.48 and a beta of 0.89. Karooooo has a 52-week low of $41.25 and a 52-week high of $60.53.

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

Institutional Trading of Karooooo

A number of large investors have recently made changes to their positions in KARO. Capricorn Fund Managers Ltd raised its holdings in Karooooo by 39.4% in the fourth quarter. Capricorn Fund Managers Ltd now owns 238,078 shares of the company’s stock valued at $10,833,000 after acquiring an additional 67,322 shares in the last quarter. Marshall Wace LLP grew its holdings in Karooooo by 699.1% during the 2nd quarter. Marshall Wace LLP now owns 55,602 shares of the company’s stock worth $2,723,000 after acquiring an additional 48,644 shares in the last quarter. Two Sigma Investments LP grew its holdings in Karooooo by 115.4% during the 3rd quarter. Two Sigma Investments LP now owns 74,130 shares of the company’s stock worth $4,234,000 after acquiring an additional 39,709 shares in the last quarter. Aurora Investment Counsel purchased a new stake in shares of Karooooo in the 4th quarter valued at approximately $1,651,000. Finally, Russell Investments Group Ltd. purchased a new stake in shares of Karooooo in the 2nd quarter valued at approximately $1,378,000.

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.