Copart (NASDAQ:CPRT) Reaches New 12-Month Low – What’s Next?

Copart, Inc. (NASDAQ:CPRT)’s share price reached a new 52-week low during trading on Tuesday. The company traded as low as $26.72 and last traded at $26.8450, with a volume of 6088610 shares traded. The stock had previously closed at $27.65.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. JPMorgan Chase & Co. raised Copart from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $32.00 to $40.00 in a research report on Thursday, September 3rd. Robert W. Baird decreased their target price on Copart from $42.00 to $38.00 and set an “outperform” rating on the stock in a report on Friday, September 11th. HSBC cut Copart from a “buy” rating to a “hold” rating and set a $36.00 price target on the stock. in a research note on Wednesday, September 16th. Stephens reaffirmed an “equal weight” rating and set a $35.00 price objective on shares of Copart in a research report on Thursday, August 20th. Finally, Deutsche Bank Aktiengesellschaft set a $40.00 price objective on shares of Copart in a report on Thursday, September 3rd. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $37.80.

Copart Trading Down 3.2%

The company has a 50 day moving average of $30.56 and a 200-day moving average of $31.18. The firm has a market capitalization of $24.80 billion, a P/E ratio of 17.26, a P/E/G ratio of 1.32 and a beta of 1.06.

Copart (NASDAQ:CPRT) last released its quarterly earnings results on Thursday, September 10th. The business services provider reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.03). Copart had a return on equity of 15.93% and a net margin of 31.81%.The business had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the prior year, the business posted $0.41 earnings per share. Copart’s revenue was up 2.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Copart, Inc. will post 1.65 EPS for the current fiscal year.

Insider Activity at Copart

In related news, CEO Jeffrey Liaw sold 27,745 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $30.49, for a total value of $845,945.05. Following the transaction, the chief executive officer owned 99,641 shares in the company, valued at approximately $3,038,054.09. This trade represents a 21.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 9.60% of the company’s stock.

Institutional Investors Weigh In On Copart

Large investors have recently bought and sold shares of the company. Byrne Asset Management LLC bought a new stake in shares of Copart during the 3rd quarter worth approximately $25,000. Legacy Private Trust Co. increased its stake in Copart by 98.0% in the third quarter. Legacy Private Trust Co. now owns 15,856 shares of the business services provider’s stock valued at $433,000 after acquiring an additional 7,849 shares during the last quarter. Rosenberg Matthew Hamilton acquired a new position in Copart during the third quarter valued at approximately $86,000. Acima Private Wealth LLC acquired a new position in Copart during the third quarter valued at approximately $128,000. Finally, Olistico Wealth LLC bought a new stake in Copart during the third quarter worth $132,000. 85.78% of the stock is currently owned by institutional investors and hedge funds.

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.