Karooooo (NASDAQ:KARO) Sees Strong Trading Volume – Here’s Why

Karooooo Ltd. (NASDAQ:KARO) shares saw strong trading volume on Friday . 27,144 shares traded hands during trading, an increase of 29% from the previous session’s volume of 21,034 shares.The stock last traded at $44.24 and had previously closed at $44.20.

Karooooo Stock Up 1.8 %

The company has a quick ratio of 1.17, a current ratio of 1.18 and a debt-to-equity ratio of 0.15. The firm has a 50 day simple moving average of $40.72 and a 200-day simple moving average of $36.50. The stock has a market cap of $962.10 million, a P/E ratio of 30.07 and a beta of 1.04.

Karooooo (NASDAQ:KARO) last announced its quarterly earnings results on Tuesday, October 15th. The company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.02. Karooooo had a return on equity of 29.39% and a net margin of 19.29%. The business had revenue of $60.70 million during the quarter, compared to the consensus estimate of $60.26 million. On average, equities research analysts forecast that Karooooo Ltd. will post 1.61 earnings per share for the current fiscal year.

Institutional Trading of Karooooo

Several institutional investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC grew its stake in shares of Karooooo by 50.6% in the second quarter. Acadian Asset Management LLC now owns 4,096 shares of the company’s stock valued at $116,000 after acquiring an additional 1,377 shares in the last quarter. Quadrature Capital Ltd bought a new position in Karooooo in the third quarter valued at approximately $216,000. Walleye Capital LLC acquired a new position in Karooooo during the third quarter valued at approximately $323,000. Gladius Capital Management LP lifted its stake in Karooooo by 124.2% during the third quarter. Gladius Capital Management LP now owns 14,513 shares of the company’s stock worth $575,000 after purchasing an additional 8,041 shares during the last quarter. Finally, Renaissance Technologies LLC grew its position in 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 acquiring an additional 3,356 shares during the last quarter.

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.