Short Interest in Karooooo Ltd. (NASDAQ:KARO) Declines By 36.1%

Karooooo Ltd. (NASDAQ:KARO) was the target of a large drop in short interest in October. As of October 31st, there was short interest totalling 23,500 shares, a drop of 36.1% from the October 15th total of 36,800 shares. Currently, 0.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 36,000 shares, the days-to-cover ratio is currently 0.7 days.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of KARO. Jupiter Asset Management Ltd. grew its holdings in shares of Karooooo by 2.6% during the 1st 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 during the period. Acadian Asset Management LLC acquired a new stake in Karooooo in the 1st quarter valued at about $67,000. Swedbank AB purchased a new stake in Karooooo during the first quarter worth approximately $2,387,000. Schwarz Dygos Wheeler Investment Advisors LLC lifted its stake in Karooooo by 1.2% during the second quarter. Schwarz Dygos Wheeler Investment Advisors LLC now owns 175,349 shares of the company’s stock worth $5,138,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in Karooooo by 23.3% during the second quarter. Renaissance Technologies LLC now owns 17,757 shares of the company’s stock worth $520,000 after buying an additional 3,356 shares during the period.

Karooooo Stock Performance

Shares of NASDAQ:KARO traded down $4.26 on Thursday, hitting $38.14. 63,138 shares of the company’s stock were exchanged, compared to its average volume of 19,459. 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 business’s 50 day simple moving average is $39.76 and its two-hundred day simple moving average is $34.96. Karooooo has a 12 month low of $23.33 and a 12 month high of $45.99.

Karooooo (NASDAQ:KARO) last issued its quarterly earnings results on Tuesday, October 15th. The company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $60.26 million. Research analysts anticipate that Karooooo will post 1.61 earnings per share 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.