Karooooo Ltd. (NASDAQ:KARO) Short Interest Down 37.6% in March

Karooooo Ltd. (NASDAQ:KARO) was the recipient of a large decline in short interest in March. As of March 15th, there was short interest totalling 49,900 shares, a decline of 37.6% from the February 28th total of 80,000 shares. Based on an average daily volume of 40,400 shares, the short-interest ratio is currently 1.2 days. Currently, 0.6% of the shares of the stock are short sold.

Karooooo Price Performance

KARO stock traded down $0.12 during midday trading on Monday, reaching $42.54. The company had a trading volume of 16,613 shares, compared to its average volume of 30,163. The firm has a 50-day moving average price of $44.83 and a 200-day moving average price of $43.44. The company has a market capitalization of $1.31 billion, a P/E ratio of 27.27 and a beta of 1.03. Karooooo has a 1 year low of $23.35 and a 1 year high of $50.54. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.25 and a quick ratio of 1.24.

Karooooo (NASDAQ:KARO) last issued its quarterly earnings results on Tuesday, January 14th. The company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. Karooooo had a return on equity of 30.29% and a net margin of 19.87%. On average, research analysts anticipate that Karooooo will post 1.57 earnings per share for the current fiscal year.

Institutional Trading of Karooooo

Several hedge funds and other institutional investors have recently bought and sold shares of KARO. Capricorn Fund Managers Ltd bought a new stake in Karooooo during the 4th quarter valued at $6,146,000. Raymond James Financial Inc. bought a new position in Karooooo during the 4th quarter valued at approximately $635,000. Marshall Wace LLP lifted its holdings in Karooooo by 32.4% in the 4th quarter. Marshall Wace LLP now owns 39,021 shares of the company’s stock worth $1,762,000 after buying an additional 9,552 shares during the period. Schwartz Investment Counsel Inc. grew its position in shares of Karooooo by 17.2% in the 4th quarter. Schwartz Investment Counsel Inc. now owns 60,566 shares of the company’s stock worth $2,735,000 after buying an additional 8,881 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Karooooo by 1,727.0% during the fourth quarter. JPMorgan Chase & Co. now owns 8,934 shares of the company’s stock valued at $403,000 after buying an additional 8,445 shares during the period.

Wall Street Analyst Weigh In

Separately, Raymond James reiterated an “outperform” rating and issued a $51.00 price objective (up previously from $46.00) on shares of Karooooo in a research report on Thursday, January 16th.

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.