Copart Inc. (CPRT) Sets New 52-Week High Following Strong Earnings
Copart Inc. (NASDAQ:CPRT) hit a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $54.85 and last traded at $52.94, with a volume of 1,269,477 shares changing hands. The stock had previously closed at $51.41.
The company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.55 by $0.04. Copart had a net margin of 19.93% and a return on equity of 28.32%. The firm had revenue of $332.70 million for the quarter. During the same quarter last year, the firm posted $0.41 earnings per share. Copart’s revenue was up 17.9% compared to the same quarter last year.
CPRT has been the topic of several research reports. Jefferies Group reiterated a “hold” rating on shares of Copart in a research report on Thursday, August 4th. Zacks Investment Research cut shares of Copart from a “buy” rating to a “hold” rating in a research report on Wednesday, September 14th. JPMorgan Chase & Co. boosted their price target on shares of Copart from $43.00 to $50.00 and gave the stock a “neutral” rating in a research report on Friday, May 27th. Susquehanna initiated coverage on shares of Copart in a research report on Thursday, August 25th. They issued a “neutral” rating and a $53.00 price target on the stock. Finally, Northcoast Research cut shares of Copart from a “buy” rating to a “neutral” rating in a research report on Thursday, August 25th. Eight research analysts have rated the stock with a hold rating, The company has a consensus rating of “Hold” and a consensus target price of $52.00.
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In related news, SVP Paul A. Styer sold 7,640 shares of the business’s stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $49.26, for a total value of $376,346.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Paul A. Styer sold 8,101 shares of the business’s stock in a transaction that occurred on Thursday, June 23rd. The stock was sold at an average price of $49.27, for a total value of $399,136.27. The disclosure for this sale can be found here. 19.40% of the stock is owned by corporate insiders.
Large investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. raised its stake in Copart by 16.9% in the first quarter. Goldman Sachs Group Inc. now owns 307,772 shares of the company’s stock valued at $12,548,000 after buying an additional 44,468 shares during the period. Los Angeles Capital Management & Equity Research Inc. raised its stake in Copart by 5.2% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 17,060 shares of the company’s stock valued at $836,000 after buying an additional 840 shares during the period. Norges Bank bought a new stake in Copart during the fourth quarter valued at $39,489,000. Quantitative Systematic Strategies LLC bought a new stake in Copart during the first quarter valued at $1,474,000. Finally, Oregon Public Employees Retirement Fund raised its stake in Copart by 2.5% in the second quarter. Oregon Public Employees Retirement Fund now owns 34,008 shares of the company’s stock valued at $1,667,000 after buying an additional 826 shares during the period. Hedge funds and other institutional investors own 83.65% of the company’s stock.
The company has a market capitalization of $5.77 billion, a PE ratio of 27.10 and a beta of 0.99. The firm has a 50 day moving average of $51.05 and a 200-day moving average of $46.70.
Copart Company Profile
Copart, Inc is a provider of online auctions and vehicle remarketing services in the United States, Canada, the United Kingdom, the United Arab Emirates, Oman, Bahrain and Brazil. The Company also provides vehicle remarketing services in Germany and Spain. It provides vehicle sellers with services to process and sell vehicles primarily over the Internet through its virtual bidding third generation Internet auction-style sales technology (VB3).
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