Karooooo (NASDAQ:KARO) Lowered to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Karooooo (NASDAQ:KARO) from a hold rating to a sell rating in a research note published on Tuesday, Zacks.com reports.

According to Zacks, “Karooooo Ltd. is a provider in the telematics industry which offers real-time mobility data analytics solutions for smart transportation. Karooooo Ltd. is headquartered in Singapore. “

KARO has been the subject of a number of other research reports. William Blair set a $35.13 price objective on Karooooo and gave the company a buy rating in a report on Tuesday, July 20th. Raymond James initiated coverage on Karooooo in a report on Friday, June 11th. They set an outperform rating and a $45.00 price objective for the company. Finally, Morgan Stanley lowered their target price on Karooooo from $45.00 to $43.00 and set an overweight rating for the company in a report on Wednesday, July 14th. One research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Buy and an average price target of $44.83.

KARO opened at $31.84 on Tuesday. The firm’s fifty day simple moving average is $34.94. Karooooo has a 52-week low of $28.35 and a 52-week high of $42.50. The stock has a market cap of $680.73 million and a PE ratio of 30.91.

Karooooo (NASDAQ:KARO) last posted its quarterly earnings data on Monday, July 19th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.27 by $0.01. The business had revenue of $44.32 million for the quarter, compared to analysts’ expectations of $43.84 million. As a group, equities analysts anticipate that Karooooo will post 1.16 EPS for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Morgan Stanley bought a new position in shares of Karooooo in the 2nd quarter worth $25,000. Alpha Paradigm Partners LLC bought a new position in shares of Karooooo in the 2nd quarter worth $66,000. Oberweis Asset Management Inc. bought a new position in shares of Karooooo in the 2nd quarter worth $221,000. Geode Capital Management LLC bought a new position in shares of Karooooo in the 2nd quarter worth $423,000. Finally, Schwartz Investment Counsel Inc. bought a new position in shares of Karooooo in the 2nd quarter worth $782,000. 3.49% of the stock is owned by hedge funds and other institutional investors.

Karooooo Company Profile

Karooooo Ltd. develops a vehicle fleet management software solution. The company was incorporated in 2018 and is based in Singapore.

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Analyst Recommendations for Karooooo (NASDAQ:KARO)

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