Karooooo (NASDAQ:KARO) Shares Gap Up – Here’s Why

Karooooo Ltd. (NASDAQ:KARO)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $38.29, but opened at $39.39. Karooooo shares last traded at $39.40, with a volume of 6,165 shares.

Wall Street Analyst Weigh In

Separately, Morgan Stanley lifted their price objective on shares of Karooooo from $31.00 to $37.00 and gave the stock an “overweight” rating in a research note on Thursday, July 11th.

Karooooo Stock Performance

The company has a current ratio of 1.18, a quick ratio of 1.17 and a debt-to-equity ratio of 0.15. The business’s 50 day moving average is $39.17 and its 200 day moving average is $34.32. The stock has a market capitalization of $841.09 million, a PE ratio of 26.05 and a beta of 1.01.

Hedge Funds Weigh In On Karooooo

Large investors have recently made changes to their positions in the company. Acadian Asset Management LLC purchased a new position in shares of Karooooo during the 1st quarter worth about $67,000. Renaissance Technologies LLC boosted its stake in shares of 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. Swedbank AB purchased a new position in shares of Karooooo during the 1st quarter worth about $2,387,000. Schwarz Dygos Wheeler Investment Advisors LLC boosted its stake in shares of Karooooo by 1.2% during the 2nd 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 period. Finally, Jupiter Asset Management Ltd. boosted its stake in shares of Karooooo by 2.6% during the 1st quarter. Jupiter Asset Management Ltd. now owns 198,392 shares of the company’s stock worth $4,972,000 after purchasing an additional 5,002 shares during the period.

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.