Karooooo (NASDAQ:KARO) Sees Strong Trading Volume Following Strong Earnings

Karooooo Ltd. (NASDAQ:KARO) shares saw strong trading volume on Wednesday after the company announced better than expected quarterly earnings. 26,529 shares traded hands during mid-day trading, a decline of 35% from the previous session’s volume of 41,118 shares.The stock last traded at $44.68 and had previously closed at $47.49.

The company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.38 by $0.05. Karooooo had a return on equity of 29.39% and a net margin of 19.29%.

Hedge Funds Weigh In On Karooooo

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Acadian Asset Management LLC lifted its position in Karooooo by 50.6% during the second quarter. Acadian Asset Management LLC now owns 4,096 shares of the company’s stock valued at $116,000 after buying an additional 1,377 shares during the period. Renaissance Technologies LLC lifted its position in Karooooo by 23.3% during 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 during the period. Quadrature Capital Ltd purchased a new position in Karooooo during the third quarter valued at $216,000. Gladius Capital Management LP increased its holdings in shares of Karooooo by 124.2% during the third quarter. Gladius Capital Management LP now owns 14,513 shares of the company’s stock valued at $575,000 after acquiring an additional 8,041 shares in the last quarter. Finally, Walleye Capital LLC bought a new position in shares of Karooooo during the third quarter valued at $323,000.

Karooooo Price Performance

The company has a quick ratio of 1.17, a current ratio of 1.18 and a debt-to-equity ratio of 0.15. The firm has a fifty day moving average price of $44.75 and a two-hundred day moving average price of $39.84. The stock has a market capitalization of $954.40 million, a P/E ratio of 30.37 and a beta of 1.03.

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.