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Shares of Karooooo Ltd. (NASDAQ:KARO – Get Free Report) saw an uptick in trading volume on Wednesday after the company announced better than expected quarterly earnings. 26,529 shares traded hands during 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 earnings per share (EPS) for the quarter, topping 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%.
Analysts Set New Price Targets
Separately, Raymond James reiterated an “outperform” rating and issued a $51.00 target price (up previously from $46.00) on shares of Karooooo in a report on Thursday.
Check Out Our Latest Stock Analysis on Karooooo
Hedge Funds Weigh In On Karooooo
Hedge funds have recently bought and sold shares of the business. Acadian Asset Management LLC increased its position in shares of Karooooo by 50.6% during the second quarter. Acadian Asset Management LLC now owns 4,096 shares of the company’s stock worth $116,000 after acquiring an additional 1,377 shares during the period. Renaissance Technologies LLC grew its holdings in Karooooo by 23.3% in the second quarter. Renaissance Technologies LLC now owns 17,757 shares of the company’s stock worth $520,000 after purchasing an additional 3,356 shares during the last quarter. Gladius Capital Management LP boosted its position in shares of Karooooo by 124.2% in the 3rd quarter. Gladius Capital Management LP now owns 14,513 shares of the company’s stock worth $575,000 after purchasing an additional 8,041 shares in the last quarter. Walleye Capital LLC purchased a new position in Karooooo during the 3rd quarter worth $323,000. Finally, Quadrature Capital Ltd acquired a new position in Karooooo during the 3rd quarter valued at about $216,000.
Karooooo Stock Performance
The company’s fifty day moving average price is $44.83 and its 200-day moving average price is $39.87. The company has a current ratio of 1.18, a quick ratio of 1.17 and a debt-to-equity ratio of 0.15.
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.
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