Copart (NASDAQ:CPRT) Issues Quarterly Earnings Results

Copart (NASDAQ:CPRT) issued its quarterly earnings results on Thursday. The business services provider reported $0.43 EPS for the quarter, beating the consensus estimate of $0.41 by $0.02, FiscalAI reports. Copart had a net margin of 33.76% and a return on equity of 16.68%. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.19 billion.

Copart Trading Up 4.1%

NASDAQ:CPRT traded up $1.36 during midday trading on Thursday, hitting $34.40. 16,563,719 shares of the company were exchanged, compared to its average volume of 8,892,729. The company has a fifty day simple moving average of $33.35 and a 200 day simple moving average of $37.29. Copart has a fifty-two week low of $32.20 and a fifty-two week high of $61.24. The company has a market capitalization of $33.14 billion, a PE ratio of 21.50 and a beta of 1.02.

Analysts Set New Price Targets

CPRT has been the topic of a number of analyst reports. Zacks Research upgraded shares of Copart from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Robert W. Baird set a $48.00 price objective on shares of Copart and gave the company an “outperform” rating in a report on Friday, February 20th. JPMorgan Chase & Co. reduced their price objective on shares of Copart from $45.00 to $34.00 and set a “neutral” rating on the stock in a report on Monday, February 23rd. Barclays restated an “underweight” rating and issued a $32.00 price objective (down from $33.00) on shares of Copart in a report on Monday, February 23rd. Finally, Weiss Ratings lowered shares of Copart from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, May 1st. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $44.40.

Insider Buying and Selling

In related news, CEO Jeffrey Liaw sold 26,213 shares of Copart stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $33.18, for a total transaction of $869,747.34. Following the sale, the chief executive officer directly owned 79,532 shares in the company, valued at $2,638,871.76. This trade represents a 24.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 9.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Copart

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Quadrant Capital Group LLC raised its stake in Copart by 1.3% during the 3rd quarter. Quadrant Capital Group LLC now owns 20,693 shares of the business services provider’s stock worth $931,000 after acquiring an additional 264 shares in the last quarter. Geneos Wealth Management Inc. raised its stake in Copart by 23.8% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,384 shares of the business services provider’s stock worth $68,000 after acquiring an additional 266 shares in the last quarter. Parkside Financial Bank & Trust raised its stake in Copart by 11.5% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,793 shares of the business services provider’s stock worth $109,000 after acquiring an additional 288 shares in the last quarter. American Trust raised its stake in Copart by 2.1% during the 3rd quarter. American Trust now owns 14,230 shares of the business services provider’s stock worth $640,000 after acquiring an additional 295 shares in the last quarter. Finally, ICW Investment Advisors LLC raised its stake in Copart by 4.3% during the 2nd quarter. ICW Investment Advisors LLC now owns 7,382 shares of the business services provider’s stock worth $362,000 after acquiring an additional 304 shares in the last quarter. 85.78% of the stock is currently owned by institutional investors and hedge funds.

Copart Company Profile

Copart (NASDAQ: CPRT) is a global provider of online vehicle auction and remarketing services, focused primarily on the sale of salvage and clean-title vehicles. The company operates a technology-driven auction platform that connects sellers — including insurance companies, vehicle finance firms, rental car companies, dealerships and fleet owners — with a broad buyer base consisting of vehicle dismantlers, recyclers, rebuilders and retail buyers. Copart’s business model centers on efficient vehicle disposition using digital bidding and logistics services to maximize recovery value for its clients.

Core services include hosting live and timed online auctions, vehicle listing and inspection support, title processing, and transportation and storage solutions.