Copart Inc. (CPRT) Downgraded by Zacks Investment Research to “Hold”
According to Zacks, “Copart is benefiting from several tailwinds such as rising revenues, declining expenses and geographic expansion. The company also occasionally repurchases shares to boost shareholder value. However, declining revenue from vehicle sales has been hampering Copart’s operating results. Foreign currency fluctuations and improving safety features in vehicles are other headwinds. Copart’s earnings estimates for fourth-quarter fiscal 2016 have inched up over the last seven days, although annual estimates have been stable lately. The company has a mostly positive record of earnings surprises in recent quarters.”
Other research analysts have also issued reports about the stock. Susquehanna assumed coverage on shares of Copart in a research note on Thursday, August 25th. They set a neutral rating and a $53.00 price objective for the company. Jefferies Group reiterated a hold rating on shares of Copart in a research report on Thursday, August 4th. JPMorgan Chase & Co. lifted their target price on Copart from $43.00 to $50.00 and gave the stock a neutral rating in a research report on Friday, May 27th. Finally, Northcoast Research downgraded Copart from a buy rating to a neutral rating in a research report on Thursday, August 25th. Eight analysts have rated the stock with a hold rating, The company has a consensus rating of Hold and a consensus price target of $52.00.
Shares of Copart (NASDAQ:CPRT) opened at 50.74 on Wednesday. The company’s 50-day moving average is $51.04 and its 200 day moving average is $46.61. The stock has a market capitalization of $5.55 billion, a P/E ratio of 26.06 and a beta of 0.99. Copart has a 12 month low of $32.26 and a 12 month high of $53.70.
In other news, SVP Paul A. Styer sold 8,101 shares of the business’s stock in a transaction dated Thursday, June 23rd. The stock was sold at an average price of $49.27, for a total transaction of $399,136.27. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Robert H. Vannuccini sold 12,577 shares of the business’s stock in a transaction dated Thursday, July 14th. The stock was sold at an average price of $49.96, for a total value of $628,346.92. Following the sale, the senior vice president now owns 9,703 shares in the company, valued at approximately $484,761.88. The disclosure for this sale can be found here. 19.40% of the stock is owned by company insiders.
Large investors have recently modified their holdings of the company. Advisor Group Inc. acquired a new stake in shares of Copart during the second quarter worth $143,000. Mackenzie Financial Corp acquired a new stake in shares of Copart during the second quarter worth $201,000. Skandinaviska Enskilda Banken AB publ acquired a new stake in shares of Copart during the second quarter worth $201,000. Highbridge Capital Management LLC acquired a new stake in shares of Copart during the second quarter worth $206,000. Finally, TD Asset Management Inc. acquired a new stake in shares of Copart during the second quarter worth $211,000. Institutional investors and hedge funds own 83.65% of the company’s stock.
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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