Karooooo Ltd. (NASDAQ:KARO) Short Interest Up 89.7% in October

Karooooo Ltd. (NASDAQ:KARO - Get Free Report) was the target of a large growth in short interest in October. As of October 15th, there was short interest totalling 36,800 shares, a growth of 89.7% from the September 30th total of 19,400 shares. Based on an average trading volume of 38,200 shares, the days-to-cover ratio is currently 1.0 days. Approximately 0.5% of the company's stock are short sold.

Karooooo Stock Performance

Shares of NASDAQ:KARO traded down $0.09 during trading on Monday, hitting $39.83. The stock had a trading volume of 21,073 shares, compared to its average volume of 18,524. The company has a quick ratio of 1.17, a current ratio of 1.18 and a debt-to-equity ratio of 0.15. Karooooo has a 12-month low of $22.52 and a 12-month high of $45.99. The stock has a market capitalization of $851.57 million, a price-to-earnings ratio of 31.43 and a beta of 1.01. The stock has a 50-day simple moving average of $38.86 and a two-hundred day simple moving average of $33.84.

Wall Street Analyst Weigh In

Separately, Morgan Stanley boosted their price target on Karooooo from $31.00 to $37.00 and gave the stock an "overweight" rating in a research report on Thursday, July 11th.

Hedge Funds Weigh In On Karooooo

A number of institutional investors have recently bought and sold shares of the business. Jupiter Asset Management Ltd. raised its position in Karooooo by 5.4% during the second quarter. Jupiter Asset Management Ltd. now owns 209,097 shares of the company's stock valued at $6,001,000 after acquiring an additional 10,705 shares in the last quarter. Schwarz Dygos Wheeler Investment Advisors LLC boosted its holdings in Karooooo by 1.2% during the second quarter. Schwarz Dygos Wheeler Investment Advisors LLC now owns 175,349 shares of the company's stock worth $5,138,000 after buying an additional 2,000 shares in the last quarter. Swedbank AB grew its position in Karooooo by 26.0% during the second quarter. Swedbank AB now owns 120,000 shares of the company's stock valued at $3,516,000 after buying an additional 24,746 shares during the period. Renaissance Technologies LLC increased its holdings in Karooooo by 23.3% in the second quarter. Renaissance Technologies LLC now owns 17,757 shares of the company's stock valued at $520,000 after buying an additional 3,356 shares in the last quarter. Finally, Acadian Asset Management LLC raised its position in shares of Karooooo by 50.6% in 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.

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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