% in the programming world means mod which is the remainder of a division. for instance, 11 divided by 5 equals 2 and the remainder is 1. Here are some resources that teach mod in-depth:
MDN Docs
Geekbox
Better Explained
Stackoverflow
That is being said in the code you've provided you are creating a new date object and extracting the time out of it. So basically this code is trying to select a carad class with the remainder of the date. I have attached a code snippet that will help you understand the idea more.
$(function() {
$(".carad" + new Date().getTime() % 5).css("color", "red");
$(".display-mod").text("the remainder is " + new Date().getTime() % 5);
});
<script src="https://cdnjs.cloudflare.com/ajax/libs/jquery/3.3.1/jquery.min.js"></script>
<h1 class="carad0">Hello world 0</h1>
<h1 class="carad1">Hello world 1</h1>
<h1 class="carad2">Hello world 2</h1>
<h1 class="carad3">Hello world 3</h1>
<h1 class="carad4">Hello world 4</h1>
<h1 class="carad5">Hello world 5</h1>
<h1 class="carad6">Hello world 6</h1>
<p class="display-mod"></p>
In short, this code selects a class with a random number.
Note: I've changed the applied styles to emphasize the idea