Shares of Karooooo Ltd. (NASDAQ:KARO - Get Free Report) saw unusually-strong trading volume on Wednesday following a better than expected earnings announcement. Approximately 26,529 shares were traded during mid-day 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 for the quarter, beating 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%.
Hedge Funds Weigh In On Karooooo
A number of institutional investors and hedge funds have recently made changes to their positions in KARO. Acadian Asset Management LLC grew 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 buying an additional 1,377 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Karooooo by 23.3% during the second quarter. Renaissance Technologies LLC now owns 17,757 shares of the company's stock worth $520,000 after buying an additional 3,356 shares in the last quarter. Gladius Capital Management LP grew its position in shares of Karooooo by 124.2% during the third quarter. Gladius Capital Management LP now owns 14,513 shares of the company's stock worth $575,000 after buying an additional 8,041 shares in the last quarter. Walleye Capital LLC acquired a new position in shares of Karooooo during the third quarter worth about $323,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Karooooo during the third quarter worth about $216,000.
Karooooo Stock Performance
The firm has a market capitalization of $954.40 million, a price-to-earnings ratio of 30.37 and a beta of 1.03. The company has a quick ratio of 1.17, a current ratio of 1.18 and a debt-to-equity ratio of 0.15. The stock has a 50-day moving average price of $44.75 and a 200 day moving average price of $39.84.
About Karooooo
(
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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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