Copart (NASDAQ:CPRT) Issues Quarterly Earnings Results, Misses Estimates By $0.03 EPS

Copart (NASDAQ:CPRT) announced its quarterly earnings data on Thursday. The business services provider reported $0.35 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.03), Zacks reports. Copart had a net margin of 33.48% and a return on equity of 16.63%.

Copart Stock Performance

Shares of NASDAQ:CPRT traded down $1.28 during trading on Thursday, reaching $30.75. The stock had a trading volume of 14,738,255 shares, compared to its average volume of 10,144,791. The business has a fifty day moving average price of $30.34 and a 200-day moving average price of $32.12. The stock has a market cap of $28.47 billion, a PE ratio of 19.10, a PEG ratio of 1.56 and a beta of 1.03. Copart has a 1-year low of $26.81 and a 1-year high of $49.05.

Insider Buying and Selling

In other Copart 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 9.60% of the company’s stock.

Institutional Investors Weigh In On Copart

Hedge funds have recently modified their holdings of the business. Compound Planning Inc. grew its holdings in shares of Copart by 6.3% in the fourth quarter. Compound Planning Inc. now owns 5,814 shares of the business services provider’s stock valued at $228,000 after purchasing an additional 346 shares during the period. Invesco Ltd. boosted its holdings in Copart by 6.0% in the 4th quarter. Invesco Ltd. now owns 11,586,115 shares of the business services provider’s stock valued at $453,596,000 after purchasing an additional 654,244 shares during the last quarter. Alberta Investment Management Corp purchased a new stake in shares of Copart in the 4th quarter valued at approximately $3,296,000. Strive Financial Group LLC purchased a new stake in shares of Copart in the 4th quarter valued at approximately $1,532,000. Finally, State of Tennessee Department of Treasury increased its holdings in shares of Copart by 37.0% during the 4th quarter. State of Tennessee Department of Treasury now owns 199,925 shares of the business services provider’s stock worth $8,113,000 after buying an additional 53,944 shares during the last quarter. 85.78% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently commented on CPRT. Barclays set a $25.00 price objective on shares of Copart and gave the stock an “underweight” rating in a research note on Wednesday, August 26th. Freedom Capital upgraded shares of Copart to a “strong-buy” rating in a research note on Friday, June 26th. Deutsche Bank Aktiengesellschaft set a $40.00 price objective on shares of Copart in a research report on Thursday, September 3rd. Jefferies Financial Group set a $45.00 target price on Copart in a research report on Friday, May 22nd. Finally, Zacks Research raised Copart from a “strong sell” rating to a “hold” rating in a report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $38.83.

Copart Company Profile

Copart, Inc (NASDAQ: CPRT) provides online vehicle auction and remarketing services. The company operates a global marketplace where damaged, recovered, used and other vehicles are sold primarily through online auctions. Its offerings include salvage and clean-title vehicles, with inventory sourced from insurance companies, banks, dealerships, fleet operators, rental companies, government agencies and other organizations.

Copart supports the vehicle remarketing process through inspection, storage, transportation, title processing and auction services.