Copart (NASDAQ:CPRT) Releases Earnings Results

Copart (NASDAQ:CPRT) posted its quarterly earnings results on Thursday. The business services provider reported $0.36 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.03), FiscalAI reports. The company had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Copart had a return on equity of 17.78% and a net margin of 34.24%.

Copart Stock Performance

Shares of CPRT traded down $0.10 during midday trading on Thursday, hitting $37.65. 11,009,887 shares of the stock were exchanged, compared to its average volume of 8,881,598. Copart has a 52-week low of $36.52 and a 52-week high of $63.85. The stock has a fifty day simple moving average of $39.51 and a 200 day simple moving average of $42.69. The firm has a market cap of $36.45 billion, a P/E ratio of 22.96 and a beta of 1.08.

Insider Activity

In related news, Director Thomas N. Tryforos sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $39.07, for a total transaction of $3,907,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jeffrey Liaw sold 25,137 shares of the business’s stock in a transaction dated Thursday, January 15th. The stock was sold at an average price of $40.17, for a total transaction of $1,009,753.29. Following the sale, the chief executive officer owned 55,970 shares in the company, valued at $2,248,314.90. This trade represents a 30.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 9.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Copart

Large investors have recently added to or reduced their stakes in the business. Brighton Jones LLC boosted its position in shares of Copart by 92.1% during the 4th quarter. Brighton Jones LLC now owns 14,215 shares of the business services provider’s stock worth $816,000 after acquiring an additional 6,817 shares in the last quarter. Safe Harbor Fiduciary LLC purchased a new stake in Copart during the fourth quarter worth approximately $118,000. Atlas Capital Advisors Inc. acquired a new position in Copart in the fourth quarter valued at approximately $143,000. Parkside Financial Bank & Trust increased its stake in Copart by 11.5% in the fourth quarter. Parkside Financial Bank & Trust now owns 2,793 shares of the business services provider’s stock valued at $109,000 after purchasing an additional 288 shares during the last quarter. Finally, Federated Hermes Inc. raised its holdings in Copart by 256.3% during the fourth quarter. Federated Hermes Inc. now owns 4,073 shares of the business services provider’s stock worth $159,000 after purchasing an additional 2,930 shares in the last quarter. 85.78% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. CJS Securities upgraded shares of Copart to a “strong-buy” rating in a research report on Thursday, December 11th. Barclays reissued an “underweight” rating and issued a $33.00 price target (up previously from $32.00) on shares of Copart in a research note on Friday, November 21st. Robert W. Baird reduced their price target on shares of Copart from $55.00 to $52.00 and set an “outperform” rating on the stock in a research report on Friday, November 21st. Finally, JPMorgan Chase & Co. decreased their price objective on Copart from $50.00 to $45.00 and set a “neutral” rating on the stock in a report on Monday, November 24th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Copart currently has an average rating of “Moderate Buy” and a consensus price target of $47.60.

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.