Karooooo (NASDAQ:KARO) Shares Gap Down to $33.70

Karooooo Ltd. (NASDAQ:KARO)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $33.70, but opened at $32.26. Karooooo shares last traded at $32.26, with a volume of 10 shares traded.

Several equities research analysts recently issued reports on the stock. William Blair set a $35.13 price objective on shares of Karooooo and gave the stock a “buy” rating in a research report on Tuesday, July 20th. Zacks Investment Research cut shares of Karooooo from a “hold” rating to a “sell” rating in a research report on Wednesday, September 22nd. Finally, Morgan Stanley cut their price objective on shares of Karooooo from $45.00 to $43.00 and set an “overweight” rating for the company in a research report on Wednesday, July 14th. One investment analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Karooooo currently has a consensus rating of “Buy” and an average target price of $44.83.

The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.05. The business has a 50 day simple moving average of $32.38.

Karooooo (NASDAQ:KARO) last released its quarterly earnings results on Monday, July 19th. The company reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.01. The firm had revenue of $44.32 million for the quarter, compared to analyst estimates of $43.84 million. On average, research analysts forecast that Karooooo Ltd. will post 1.16 EPS for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in KARO. Morgan Stanley purchased a new stake in shares of Karooooo during the second quarter worth $25,000. Woodline Partners LP purchased a new stake in shares of Karooooo during the second quarter worth $917,000. Millennium Management LLC purchased a new stake in shares of Karooooo during the second quarter worth $1,270,000. Oberweis Asset Management Inc. purchased a new stake in shares of Karooooo during the second quarter worth $221,000. Finally, 683 Capital Management LLC purchased a new stake in shares of Karooooo during the second quarter worth $1,929,000. Institutional investors own 3.49% of the company’s stock.

Karooooo Company Profile (NASDAQ:KARO)

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

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