Copart (NASDAQ:CPRT) Issues Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Copart (NASDAQ:CPRT) issued its quarterly earnings data on Thursday. The business services provider reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.02, FiscalAI reports. Copart had a net margin of 33.41% and a return on equity of 18.17%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the previous year, the company earned $0.37 EPS. The business’s revenue was up .7% on a year-over-year basis.

Copart Price Performance

CPRT stock traded down $0.35 on Thursday, reaching $41.02. 10,773,195 shares of the company traded hands, compared to its average volume of 6,244,268. Copart has a one year low of $39.58 and a one year high of $64.38. The firm has a fifty day simple moving average of $44.06 and a 200-day simple moving average of $48.16. The company has a market cap of $39.70 billion, a P/E ratio of 25.64 and a beta of 1.06.

Analyst Ratings Changes

Several equities analysts have commented on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Copart in a research report on Wednesday, October 8th. Hsbc Global Res upgraded shares of Copart from a “hold” rating to a “strong-buy” rating in a report on Thursday, September 4th. Barclays set a $32.00 target price on Copart in a report on Tuesday, November 11th. HSBC set a $62.00 price objective on shares of Copart and gave the stock a “buy” rating in a research report on Thursday, September 4th. Finally, Stephens lowered their target price on Copart from $50.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Friday, September 5th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $50.00.

Insider Activity at Copart

In related news, Director Thomas N. Tryforos sold 228,840 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $47.54, for a total transaction of $10,879,053.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Jeffrey Liaw sold 24,283 shares of Copart stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $44.79, for a total transaction of $1,087,635.57. Following the completion of the sale, the chief executive officer owned 31,332 shares of the company’s stock, valued at $1,403,360.28. This represents a 43.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 9.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Copart

Institutional investors and hedge funds have recently modified their holdings of the stock. Larson Financial Group LLC grew its holdings in shares of Copart by 36.7% in the third quarter. Larson Financial Group LLC now owns 1,363 shares of the business services provider’s stock valued at $61,000 after purchasing an additional 366 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in shares of Copart by 365.8% during the first quarter. Geneos Wealth Management Inc. now owns 1,118 shares of the business services provider’s stock valued at $63,000 after buying an additional 878 shares during the last quarter. Turning Point Benefit Group Inc. purchased a new stake in Copart in the third quarter worth $121,000. MUFG Securities EMEA plc purchased a new stake in Copart in the 2nd quarter valued at about $127,000. Finally, Teza Capital Management LLC bought a new position in Copart in the second quarter worth approximately $204,000. Institutional investors own 85.78% of the company’s stock.

About Copart

Copart, Inc provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology on behalf of vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as individual owners.