Karooooo Ltd. (NASDAQ:KARO) Sees Large Increase in Short Interest

Karooooo Ltd. (NASDAQ:KARO) saw a large increase in short interest in June. As of June 15th, there was short interest totalling 18,800 shares, an increase of 12.6% from the May 31st total of 16,700 shares. Approximately 0.2% of the shares of the stock are short sold. Based on an average trading volume of 8,300 shares, the days-to-cover ratio is presently 2.3 days.

Karooooo Stock Performance

Shares of KARO opened at $30.61 on Wednesday. Karooooo has a 52-week low of $18.59 and a 52-week high of $37.11. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.06. The firm’s fifty day moving average is $29.72 and its two-hundred day moving average is $26.80.

Karooooo (NASDAQ:KARO) last announced its earnings results on Wednesday, May 15th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.03. Karooooo had a net margin of 17.54% and a return on equity of 27.24%. The company had revenue of $57.64 million for the quarter, compared to analysts’ expectations of $55.54 million. Equities analysts predict that Karooooo will post 1.55 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Karooooo

Several institutional investors and hedge funds have recently added to or reduced their stakes in KARO. Gladius Capital Management LP boosted its position in shares of Karooooo by 7.9% during the 3rd quarter. Gladius Capital Management LP now owns 6,197 shares of the company’s stock valued at $123,000 after acquiring an additional 454 shares during the last quarter. Acadian Asset Management LLC acquired a new position in shares of Karooooo during the 1st quarter valued at about $67,000. Jupiter Asset Management Ltd. boosted its position in shares of Karooooo by 2.6% during the 1st quarter. Jupiter Asset Management Ltd. now owns 198,392 shares of the company’s stock valued at $4,972,000 after acquiring an additional 5,002 shares during the last quarter. Finally, Swedbank AB acquired a new position in shares of Karooooo during the 1st quarter valued at about $2,387,000.

Analysts Set New Price Targets

Separately, Morgan Stanley reaffirmed an “overweight” rating and set a $31.00 target price on shares of Karooooo in a research note on Monday, April 22nd.

About Karooooo

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.