Karooooo (NASDAQ:KARO) Sees Large Volume Increase - Here's Why

Karooooo Ltd. (NASDAQ:KARO - Get Free Report) saw an uptick in trading volume on Monday . 22,546 shares changed hands during trading, an increase of 41% from the previous session's volume of 15,936 shares.The stock last traded at $43.00 and had previously closed at $43.70.

Wall Street Analysts Forecast Growth

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

Karooooo Trading Up 4.1 %

The business's 50 day simple moving average is $38.13 and its 200 day simple moving average is $32.83. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.52 and a quick ratio of 1.52. The company has a market capitalization of $972.79 million, a price-to-earnings ratio of 35.83 and a beta of 1.01.

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

Karooooo Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 8th were paid a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a dividend yield of 9.49%. The ex-dividend date was Thursday, August 8th. This is a boost from Karooooo's previous quarterly dividend of $0.85. Karooooo's dividend payout ratio is 340.16%.

Hedge Funds Weigh In On Karooooo

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