MGO One Seven LLC lessened its holdings in shares of Copart, Inc. (NASDAQ:CPRT – Free Report) by 75.8% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,188 shares of the business services provider’s stock after selling 47,521 shares during the quarter. MGO One Seven LLC’s holdings in Copart were worth $414,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CPRT. BlackRock Inc. bought a new stake in shares of Copart in the second quarter valued at approximately $1,908,980,000. Bank of New York Mellon Corp purchased a new stake in shares of Copart during the 2nd quarter valued at approximately $488,663,000. Deutsche Bank AG bought a new position in Copart in the 2nd quarter worth approximately $436,413,000. Bank of America Corp DE bought a new position in Copart in the 2nd quarter worth approximately $191,347,000. Finally, Legal & General Group Plc bought a new position in Copart in the 2nd quarter worth approximately $167,000,000. Institutional investors own 85.78% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts recently weighed in on CPRT shares. Zacks Research upgraded shares of Copart from a “strong sell” rating to a “hold” rating in a research note on Monday, September 7th. HSBC downgraded Copart from a “buy” rating to a “hold” rating and dropped their target price for the stock from $46.00 to $36.00 in a research report on Wednesday, September 16th. Stephens reaffirmed an “equal weight” rating and issued a $35.00 price target on shares of Copart in a report on Thursday, August 20th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Copart in a research report on Tuesday, October 27th. Finally, JPMorgan Chase & Co. upgraded Copart from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $32.00 to $40.00 in a research note on Thursday, September 3rd. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $37.90.
View Our Latest Research Report on CPRT
Copart Price Performance
Shares of CPRT opened at $31.95 on Monday. Copart, Inc. has a twelve month low of $25.72 and a twelve month high of $42.05. The stock has a market cap of $29.60 billion, a PE ratio of 20.61, a P/E/G ratio of 1.56 and a beta of 1.01. The business’s 50-day moving average price is $29.45 and its 200-day moving average price is $32.22.
Copart (NASDAQ:CPRT – Get Free Report) last released its quarterly earnings data 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). The firm had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.14 billion. Copart had a net margin of 31.81% and a return on equity of 15.93%. Copart’s revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.41 earnings per share. Analysts expect that Copart, Inc. will post 1.63 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, Director Diane Morefield sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $27.66, for a total transaction of $553,200.00. Following the sale, the director owned 50,000 shares of the company’s stock, valued at approximately $1,383,000. This represents a 28.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 9.60% of the company’s stock.
About Copart
Copart, Inc operates an online vehicle auction and remarketing business. Its platform connects sellers with buyers of used and damaged vehicles, including cars, trucks, motorcycles and other equipment.
The company serves insurance companies, vehicle dealers, rental and fleet operators, financial institutions and other businesses, as well as individual buyers. Its services include online auctions, vehicle storage, title processing and support with vehicle transportation.
Founded in 1982 by Willis Johnson, Copart has expanded from its origins in the United States to serve customers in multiple countries, including markets in North America, Europe and the Middle East.
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