Karooooo (NASDAQ:KARO) Price Target Raised to $70.00

by · The Markets Daily

Karooooo (NASDAQ:KARO – Free Report) had its price target hoisted by Freedom Broker from $65.00 to $70.00 in a research note released on Thursday morning,Benzinga reports. The firm currently has a hold rating on the stock.

Other equities research analysts have also issued reports about the company. Needham & Company LLC increased their price target on Karooooo from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Weiss Ratings restated a “buy (b-)” rating on shares of Karooooo in a report on Tuesday. Freedom Capital cut Karooooo from a “strong-buy” rating to a “hold” rating in a report on Friday, July 17th. UBS Group restated a “buy” rating and issued a $75.00 target price on shares of Karooooo in a research note on Thursday, July 16th. Finally, Raymond James Financial lifted their price target on Karooooo from $60.00 to $75.00 and gave the company an “outperform” rating in a report on Friday, July 17th. 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.com, the company presently has an average rating of “Moderate Buy” and an average target price of $72.80.

Check Out Our Latest Analysis on KARO

Karooooo Stock Performance

KARO opened at $64.07 on Thursday. The firm has a market capitalization of $1.98 billion, a P/E ratio of 30.66 and a beta of 0.89. The stock’s 50 day moving average price is $63.46 and its two-hundred day moving average price is $56.73. The company has a quick ratio of 1.01, a current ratio of 0.64 and a debt-to-equity ratio of 0.17. Karooooo has a 12-month low of $41.25 and a 12-month high of $68.80.

Insider Activity at Karooooo

In related news, CEO Isaias Calisto sold 6,202 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $63.50, for a total value of $393,827.00. Following the completion of the sale, the chief executive officer owned 17,640,700 shares of the company’s stock, valued at $1,120,184,450. This trade represents a 0.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold 277,617 shares of company stock worth $17,840,247 over the last quarter. 74.73% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Public Employees Retirement System of Ohio acquired a new stake in shares of Karooooo in the 2nd quarter valued at $54,000. Allworth Financial LP bought a new stake in shares of Karooooo during the second quarter worth $64,000. R Squared Ltd bought a new stake in shares of Karooooo during the first quarter worth $296,000. DGS Capital Management LLC lifted its stake in shares of Karooooo by 5.7% during the first quarter. DGS Capital Management LLC now owns 7,359 shares of the company’s stock valued at $367,000 after acquiring an additional 398 shares during the period. Finally, Bank of America Corp DE lifted its stake in shares of Karooooo by 9.5% during the first quarter. Bank of America Corp DE now owns 8,798 shares of the company’s stock valued at $438,000 after acquiring an additional 764 shares during the period.

About Karooooo

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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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