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

Copart, Inc. (NASDAQ:CPRT)’s share price hit a new 52-week low during trading on Thursday . The company traded as low as $27.83 and last traded at $27.8560, with a volume of 3265072 shares traded. The stock had previously closed at $28.59.

Wall Street Analyst Weigh In

Several analysts have issued reports on CPRT shares. Zacks Research upgraded Copart from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Freedom Capital raised shares of Copart to a “strong-buy” rating in a research report on Friday, June 26th. Weiss Ratings cut shares of Copart from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, May 1st. Finally, Jefferies Financial Group set a $45.00 target price on shares of Copart in a research note on Friday, May 22nd. Three research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $44.50.

Copart Stock Down 2.0%

The company has a market capitalization of $25.94 billion, a PE ratio of 17.40 and a beta of 1.02. The firm has a 50-day moving average of $31.53 and a two-hundred day moving average of $35.01.

Copart (NASDAQ:CPRT) last posted its earnings results on Thursday, May 21st. The business services provider reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. Copart had a return on equity of 16.63% and a net margin of 33.48%.The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter in the previous year, the business earned $0.42 earnings per share. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. On average, equities research analysts expect that Copart, Inc. will post 1.58 EPS for the current year.

Insider Transactions at Copart

In related news, CEO Jeffrey Liaw sold 26,213 shares of the business’s stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $33.18, for a total value of $869,747.34. Following the sale, the chief executive officer directly owned 79,532 shares in the company, valued at approximately $2,638,871.76. The trade was a 24.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company 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. Norges Bank purchased a new stake in shares of Copart in the 4th quarter valued at approximately $569,569,000. Capital World Investors increased its holdings in Copart by 25.1% in the 4th quarter. Capital World Investors now owns 27,728,398 shares of the business services provider’s stock valued at $1,085,588,000 after purchasing an additional 5,555,101 shares during the last quarter. Capital International Investors acquired a new stake in Copart in the 4th quarter valued at approximately $195,637,000. Deutsche Bank AG raised its position in Copart by 94.0% in the fourth quarter. Deutsche Bank AG now owns 9,955,661 shares of the business services provider’s stock valued at $389,764,000 after purchasing an additional 4,823,111 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Copart by 21.7% in the fourth quarter. Bank of New York Mellon Corp now owns 21,982,589 shares of the business services provider’s stock valued at $860,618,000 after purchasing an additional 3,918,610 shares during the period. 85.78% of the stock is currently owned by institutional investors and hedge funds.

About Copart

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.