Karooooo (NASDAQ:KARO) Stock Price Down 4.2% – Should You Sell?

Karooooo Ltd. (NASDAQ:KARO)’s share price fell 4.2% during mid-day trading on Wednesday . The company traded as low as $45.50 and last traded at $44.77. 6,156 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 57,332 shares. The stock had previously closed at $46.72.

Wall Street Analysts Forecast Growth

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

Karooooo Price Performance

The stock has a 50-day simple moving average of $45.97 and a 200 day simple moving average of $40.87. The stock has a market capitalization of $1.42 billion, a P/E ratio of 29.41 and a beta of 1.03. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.24 and a current ratio of 1.25.

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

Institutional Trading of Karooooo

Hedge funds have recently modified their holdings of the company. Quadrature Capital Ltd bought a new position in shares of Karooooo during the 3rd quarter worth approximately $216,000. Walleye Capital LLC bought a new position in shares of Karooooo in the third quarter valued at $323,000. Renaissance Technologies LLC grew its stake in shares of 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. Gladius Capital Management LP grew its stake in shares of Karooooo by 124.2% in the third quarter. Gladius Capital Management LP now owns 14,513 shares of the company’s stock valued at $575,000 after buying an additional 8,041 shares in the last quarter. Finally, Schwartz Investment Counsel Inc. grew its stake in shares of Karooooo by 17.2% in the fourth quarter. Schwartz Investment Counsel Inc. now owns 60,566 shares of the company’s stock valued at $2,735,000 after buying an additional 8,881 shares in 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.