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

Copart, Inc. (NASDAQ:CPRT)’s stock price reached a new 52-week low during trading on Tuesday. The stock traded as low as $26.74 and last traded at $26.8740, with a volume of 3115517 shares changing hands. The stock had previously closed at $27.22.

Analyst Ratings Changes

CPRT has been the subject of several recent research reports. Stephens reiterated an “equal weight” rating and set a $35.00 price target on shares of Copart in a research report on Thursday, August 20th. Barrington Research raised shares of Copart from a “market perform” rating to an “outperform” rating and set a $40.00 price objective for the company in a report on Friday, September 11th. Zacks Research upgraded Copart from a “strong sell” rating to a “hold” rating in a research report on Monday, September 7th. Freedom Broker lowered their price target on Copart from $39.00 to $36.00 and set a “buy” rating on the stock in a research report on Monday, September 14th. Finally, Robert W. Baird reduced their target price on Copart from $42.00 to $38.00 and set an “outperform” rating for the company in a research note on Friday, September 11th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Copart presently has a consensus rating of “Moderate Buy” and an average target price of $37.80.

Copart Stock Performance

The business has a 50 day simple moving average of $30.62 and a 200-day simple moving average of $31.31. The firm has a market capitalization of $25.32 billion, a price-to-earnings ratio of 17.78, a P/E/G ratio of 1.32 and a beta of 1.03.

Copart (NASDAQ:CPRT) last released its quarterly earnings data 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). The firm had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.14 billion. Copart had a return on equity of 15.93% and a net margin of 31.81%.Copart’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.41 earnings per share. Equities analysts predict that Copart, Inc. will post 1.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Jeffrey Liaw sold 27,745 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $30.49, for a total transaction of $845,945.05. Following the completion of the transaction, the chief executive officer directly owned 99,641 shares in the company, valued at approximately $3,038,054.09. This represents a 21.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 9.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Copart

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Western Pacific Wealth Management LP boosted its position in shares of Copart by 13.8% during the 1st quarter. Western Pacific Wealth Management LP now owns 2,646 shares of the business services provider’s stock worth $88,000 after purchasing an additional 320 shares during the period. Claret Asset Management Corp boosted its position in shares of Copart by 5.1% during the fourth quarter. Claret Asset Management Corp now owns 6,830 shares of the business services provider’s stock worth $267,000 after buying an additional 329 shares during the period. Alpha Family Trust grew its stake in shares of Copart by 3.4% in the first quarter. Alpha Family Trust now owns 11,010 shares of the business services provider’s stock valued at $366,000 after buying an additional 360 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of Copart by 3.0% in the 4th quarter. Parallel Advisors LLC now owns 12,783 shares of the business services provider’s stock valued at $500,000 after buying an additional 367 shares during the period. Finally, Sequoia Financial Advisors LLC boosted its holdings in Copart by 1.3% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 28,547 shares of the business services provider’s stock valued at $805,000 after acquiring an additional 369 shares during the period. 85.78% of the stock is owned by hedge funds and other institutional investors.

About Copart

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.