Karooooo (NASDAQ:KARO) Sees Large Volume Increase

Karooooo Ltd. (NASDAQ:KARO) saw unusually-high trading volume on Wednesday . Approximately 12,702 shares were traded during trading, an increase of 49% from the previous session’s volume of 8,501 shares.The stock last traded at $31.04 and had previously closed at $30.61.

Wall Street Analyst Weigh In

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

Karooooo Trading Up 0.5 %

The firm’s 50 day simple moving average is $29.73 and its 200 day simple moving average is $26.86. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.55 and a current ratio of 1.55.

Karooooo (NASDAQ:KARO) last posted its quarterly earnings results on Wednesday, May 15th. The company reported $0.36 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 firm had revenue of $57.64 million for the quarter, compared to the consensus estimate of $55.54 million. On average, analysts anticipate that Karooooo Ltd. will post 1.55 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Swedbank AB purchased a new position in shares of Karooooo in the first quarter worth $2,387,000. Acadian Asset Management LLC purchased a new position in shares of Karooooo in the first quarter worth $67,000. Jupiter Asset Management Ltd. increased its stake in shares of Karooooo by 2.6% in the first quarter. Jupiter Asset Management Ltd. now owns 198,392 shares of the company’s stock worth $4,972,000 after buying an additional 5,002 shares during the period. Finally, Gladius Capital Management LP increased its stake in shares of Karooooo by 7.9% in the third quarter. Gladius Capital Management LP now owns 6,197 shares of the company’s stock worth $123,000 after buying an additional 454 shares during the period.

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.