Karooooo Ltd. (NASDAQ:KARO) Sees Significant Increase in Short Interest

Karooooo Ltd. (NASDAQ:KARO) saw a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 18,800 shares, an increase of 12.6% from the May 31st total of 16,700 shares. Based on an average trading volume of 8,300 shares, the days-to-cover ratio is currently 2.3 days. Currently, 0.2% of the shares of the stock are sold short.

Institutional Investors Weigh In On Karooooo

A number of hedge funds have recently added to or reduced their stakes in KARO. Jupiter Asset Management Ltd. lifted its position in shares of Karooooo by 2.6% during the first 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 in the last quarter. Swedbank AB acquired a new position in Karooooo during the 1st quarter worth $2,387,000. Gladius Capital Management LP lifted its holdings in Karooooo by 7.9% during the 3rd quarter. Gladius Capital Management LP now owns 6,197 shares of the company’s stock worth $123,000 after buying an additional 454 shares in the last quarter. Finally, Acadian Asset Management LLC bought a new position in Karooooo in the 1st quarter valued at $67,000.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley reaffirmed an “overweight” rating and issued a $31.00 target price on shares of Karooooo in a report on Monday, April 22nd.

Karooooo Price Performance

Shares of KARO traded up $0.36 on Monday, hitting $29.66. The company’s stock had a trading volume of 6,640 shares, compared to its average volume of 8,350. The company has a 50 day moving average price of $29.60 and a 200 day moving average price of $26.73. Karooooo has a fifty-two week low of $18.59 and a fifty-two week high of $37.11. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.06.

Karooooo (NASDAQ:KARO) last posted its quarterly earnings data on Wednesday, May 15th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. Karooooo had a return on equity of 27.24% and a net margin of 17.54%. The company had revenue of $57.64 million for the quarter, compared to analyst estimates of $55.54 million. As a group, sell-side analysts anticipate that Karooooo will post 1.55 EPS for the current fiscal year.

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.