Karooooo (NASDAQ:KARO) Stock Gets Downgrade from Wall Street Zen

by · The Cerbat Gem

Karooooo (NASDAQ:KARO – Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

Several other equities analysts also recently issued reports on KARO. Freedom Capital downgraded shares of Karooooo from a “strong-buy” rating to a “hold” rating in a report on Friday, July 17th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Karooooo in a research report on Tuesday, October 20th. Freedom Broker upped their price target on shares of Karooooo from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Thursday. Raymond James Financial raised their price target on shares of Karooooo from $60.00 to $75.00 and gave the company an “outperform” rating in a research note on Friday, July 17th. Finally, Needham & Company LLC lifted their price objective on Karooooo from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Karooooo currently has a consensus rating of “Moderate Buy” and an average price target of $72.80.

Get Our Latest Stock Report on Karooooo

Karooooo Stock Performance

Shares of KARO stock opened at $64.07 on Friday. Karooooo has a 1-year low of $41.25 and a 1-year high of $68.80. The company has a market cap of $1.98 billion, a price-to-earnings ratio of 30.66 and a beta of 0.89. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.64 and a quick ratio of 0.64. The stock has a 50 day simple moving average of $63.46 and a 200-day simple moving average of $56.78.

Insider Buying and Selling at Karooooo

In other news, CEO Isaias Calisto sold 33,833 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $66.14, for a total value of $2,237,714.62. Following the completion of the sale, the chief executive officer directly owned 17,714,186 shares in the company, valued at $1,171,616,262.04. This represents a 0.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders sold 251,704 shares of company stock worth $16,196,327. Insiders own 74.73% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio purchased a new stake in shares of Karooooo in the second quarter valued at about $54,000. Allworth Financial LP purchased a new stake in shares of Karooooo in the 2nd quarter valued at approximately $64,000. R Squared Ltd acquired a new stake in shares of Karooooo during the 1st quarter worth approximately $296,000. DGS Capital Management LLC increased its holdings in shares of Karooooo by 5.7% during the 1st quarter. DGS Capital Management LLC now owns 7,359 shares of the company’s stock worth $367,000 after buying an additional 398 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of Karooooo by 9.5% during the 1st quarter. Bank of America Corp DE now owns 8,798 shares of the company’s stock worth $438,000 after buying an additional 764 shares during the last quarter.

About Karooooo

(Get Free Report)

Karooooo Ltd. is a Singapore-based technology company that provides connected-vehicle and mobility solutions through its Cartrack business. Its cloud-based platform uses telematics, vehicle tracking and data analytics to help businesses monitor vehicles and assets, improve fleet operations, manage driver behavior and enhance safety.

The company’s products and services include real-time vehicle location and monitoring, fleet management, stolen-vehicle recovery, vehicle and asset tracking, maintenance and fuel-management tools, and workflow solutions.

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