Karooooo (NASDAQ:KARO) Stock Price Down 7.7% - Here's What Happened

Karooooo Ltd. (NASDAQ:KARO - Get Free Report)'s share price dropped 7.7% during trading on Tuesday . The company traded as low as $40.27 and last traded at $42.00. Approximately 36,567 shares were traded during trading, an increase of 121% from the average daily volume of 16,554 shares. The stock had previously closed at $45.50.

Analysts Set New Price Targets

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

Karooooo Trading Down 15.6 %

The stock has a fifty day moving average of $38.38 and a 200 day moving average of $33.07. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.52 and a current ratio of 1.52. The company has a market capitalization of $820.99 million, a P/E ratio of 30.24 and a beta of 1.01.

Karooooo (NASDAQ:KARO - Get Free Report) last announced its quarterly earnings data on Thursday, July 18th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.36 by $0.03. The firm had revenue of $58.29 million during the quarter, compared to analysts' expectations of $58.54 million. Karooooo had a net margin of 18.70% and a return on equity of 27.88%. As a group, equities research analysts anticipate that Karooooo Ltd. will post 1.48 EPS for the current fiscal year.

Karooooo Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Thursday, August 8th were issued a $1.08 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This is a boost from Karooooo's previous quarterly dividend of $0.85. This represents a $4.32 dividend on an annualized basis and a yield of 11.25%. Karooooo's payout ratio is currently 340.16%.

Hedge Funds Weigh In On Karooooo

Hedge funds have recently modified their holdings of the stock. Swedbank AB bought a new position in shares of Karooooo during the 1st quarter valued at about $2,387,000. Jupiter Asset Management Ltd. raised its holdings in shares of Karooooo by 5.4% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 209,097 shares of the company's stock worth $6,001,000 after acquiring an additional 10,705 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Karooooo by 23.3% during the 2nd quarter. Renaissance Technologies LLC now owns 17,757 shares of the company's stock valued at $520,000 after acquiring an additional 3,356 shares during the last quarter. Acadian Asset Management LLC purchased a new position in shares of Karooooo in the first quarter valued at $67,000. Finally, Schwarz Dygos Wheeler Investment Advisors LLC increased its position in Karooooo by 1.2% in the second quarter. Schwarz Dygos Wheeler Investment Advisors LLC now owns 175,349 shares of the company's stock worth $5,138,000 after purchasing an additional 2,000 shares during the last quarter.

About Karooooo

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.