Zacks Investment Research cut shares of Copart, Inc. (NASDAQ:CPRT) from a buy rating to a hold rating in a research note released on Tuesday, May 23rd.
According to Zacks, “Quarterly earnings estimates for Copart have been stable lately. The company is gaining from several tailwinds such as rising revenues and geographic expansion. The company has opened 200 locations worldwide. It is expanding its network of facilities to manage increasing volumes. Copart also occasionally repurchases shares to boost shareholder value. However, Copart is highly exposed to currency fluctuations. Moreover, improving safety features in vehicles may impact revenue growth. The company has underperformed the Zacks-categorized Auction and Valuation Services industry over the last three months.”
Separately, Jefferies Group LLC restated a hold rating and issued a $30.00 price objective on shares of Copart in a research report on Tuesday, April 18th. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $48.80.
Shares of Copart (NASDAQ CPRT) traded down 0.67% during midday trading on Tuesday, reaching $31.24. 1,580,005 shares of the company traded hands. The stock has a 50 day moving average price of $30.66 and a 200 day moving average price of $48.70. The firm has a market capitalization of $7.20 billion, a PE ratio of 18.03 and a beta of 1.11. Copart has a 1-year low of $22.99 and a 1-year high of $32.00.
Copart (NASDAQ:CPRT) last issued its quarterly earnings data on Wednesday, May 24th. The business services provider reported $0.37 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.01. Copart had a return on equity of 33.20% and a net margin of 29.10%. The business had revenue of $373.90 million for the quarter, compared to the consensus estimate of $386.61 million. During the same period in the prior year, the business earned $0.64 earnings per share. The business’s revenue was up 7.7% on a year-over-year basis. Analysts expect that Copart will post $1.25 earnings per share for the current fiscal year.
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In other Copart news, CEO A Jayson Adair sold 200,000 shares of the company’s stock in a transaction dated Thursday, March 30th. The stock was sold at an average price of $62.06, for a total transaction of $12,412,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 17.00% of the company’s stock.
Several large investors have recently bought and sold shares of CPRT. Salem Investment Counselors Inc. bought a new stake in Copart during the third quarter worth about $110,000. Parallel Advisors LLC bought a new stake in Copart during the fourth quarter worth about $112,000. Huntington National Bank raised its stake in Copart by 167.2% in the first quarter. Huntington National Bank now owns 2,381 shares of the business services provider’s stock worth $148,000 after buying an additional 1,490 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Copart by 12.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,569 shares of the business services provider’s stock worth $191,000 after buying an additional 392 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new stake in Copart during the fourth quarter worth about $197,000. Institutional investors and hedge funds own 40.44% of the company’s stock.
Copart, Inc (Copart) is a provider of online auctions and vehicle remarketing services in the United States, Canada, the United Kingdom, the United Arab Emirates, Oman, Bahrain, Brazil, Ireland, Spain and India. The Company also provides vehicle remarketing services in Germany. The Company operates through two segments: United States and International.
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