Copart (NASDAQ:CPRT) Sets New 1-Year Low – Here’s What Happened

Copart, Inc. (NASDAQ:CPRT) shares reached a new 52-week low on Tuesday. The stock traded as low as $26.36 and last traded at $26.2070, with a volume of 505,201 shares trading hands. The stock had previously closed at $26.48.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CPRT. Barclays set a $25.00 target price on shares of Copart and gave the stock an “underweight” rating in a research report on Wednesday, August 26th. JPMorgan Chase & Co. raised shares of Copart from a “neutral” rating to an “overweight” rating and raised their price target for the company from $32.00 to $40.00 in a report on Thursday, September 3rd. Stephens restated an “equal weight” rating and issued a $35.00 price objective on shares of Copart in a research report on Thursday, August 20th. Zacks Research raised Copart from a “strong sell” rating to a “hold” rating in a report on Monday, September 7th. Finally, Barrington Research raised Copart from a “market perform” rating to an “outperform” rating and set a $40.00 price objective on the stock in a report on Friday, September 11th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $37.80.

Copart Stock Performance

The company has a market capitalization of $24.39 billion, a price-to-earnings ratio of 16.97, a P/E/G ratio of 1.34 and a beta of 1.06. The business’s 50-day simple moving average is $30.27 and its 200-day simple moving average is $30.96.

Copart (NASDAQ:CPRT) last issued its earnings results on Thursday, September 10th. The business services provider reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.03). Copart had a net margin of 31.81% and a return on equity of 15.93%. The business had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same period last year, the business posted $0.41 EPS. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. On average, analysts forecast that Copart, Inc. will post 1.63 earnings per share for the current year.

Insider Activity at Copart

In other Copart news, CEO Jeffrey Liaw sold 27,745 shares of the company’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $30.49, for a total transaction of $845,945.05. Following the completion of the sale, the chief executive officer owned 99,641 shares in the company, valued at approximately $3,038,054.09. The trade was a 21.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 9.60% of the company’s stock.

Institutional Investors Weigh In On Copart

A number of institutional investors have recently made changes to their positions in the stock. C M Bidwell & Associates Ltd. acquired a new stake in shares of Copart during the second quarter worth about $25,000. Byrne Asset Management LLC bought a new position in shares of Copart during the 3rd quarter valued at about $25,000. Versant Capital Management Inc grew its position in shares of Copart by 110.9% in the 2nd quarter. Versant Capital Management Inc now owns 947 shares of the business services provider’s stock valued at $27,000 after purchasing an additional 498 shares during the period. Cache Advisors LLC acquired a new position in shares of Copart in the 1st quarter valued at approximately $31,000. Finally, Cherry Tree Wealth Management LLC grew its position in shares of Copart by 14,062.5% in the 2nd quarter. Cherry Tree Wealth Management LLC now owns 1,133 shares of the business services provider’s stock valued at $32,000 after purchasing an additional 1,125 shares during the period. 85.78% of the stock is owned by institutional investors and hedge funds.

Copart Company Profile

Copart, Inc is a global provider of online vehicle auction and remarketing services. The company primarily sells vehicles that have been damaged, totaled, recovered from theft, or otherwise deemed uneconomical to repair. Its customers include insurance companies, automobile dealers, dismantlers, rebuilders, exporters, rental and finance companies, and members of the general public.

Copart conducts auctions through its online VB3 platform, which connects buyers with vehicles listed at the company’s facilities.