Copart Inc. (CPRT) Sees Large Decline in Short Interest
Copart Inc. (NASDAQ:CPRT) saw a significant decrease in short interest in September. As of September 15th, there was short interest totalling 5,183,806 shares, a decrease of 11.1% from the August 31st total of 5,833,580 shares. Currently, 5.6% of the shares of the stock are sold short. Based on an average daily trading volume, of 577,407 shares, the short-interest ratio is currently 9.0 days.
CPRT has been the topic of several research reports. Zacks Investment Research cut Copart from a “buy” rating to a “hold” rating in a report on Tuesday, August 2nd. Jefferies Group reissued a “hold” rating on shares of Copart in a research note on Thursday, August 4th. Northcoast Research downgraded shares of Copart from a “buy” rating to a “neutral” rating in a research note on Thursday, August 25th. Susquehanna initiated coverage on shares of Copart in a research note on Thursday, August 25th. They set a “neutral” rating and a $53.00 target price on the stock. Finally, Barrington Research downgraded shares of Copart from an “outperform” rating to a “market perform” rating in a research note on Friday, September 23rd. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $55.57.
In other Copart news, Director Matt Blunt sold 65,000 shares of the company’s stock in a transaction on Friday, September 23rd. The stock was sold at an average price of $53.53, for a total value of $3,479,450.00. Following the transaction, the director now owns 15,000 shares of the company’s stock, valued at $802,950. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO A Jayson Adair sold 200,000 shares of the company’s stock in a transaction on Friday, September 23rd. The shares were sold at an average price of $53.61, for a total value of $10,722,000.00. The disclosure for this sale can be found here. 19.40% of the stock is owned by company insiders.
A number of institutional investors have recently made changes to their positions in CPRT. Advisor Group Inc. acquired a new position in shares of Copart during the second quarter worth about $143,000. Mackenzie Financial Corp acquired a new position in shares of Copart during the second quarter worth about $201,000. Skandinaviska Enskilda Banken AB publ acquired a new position in shares of Copart during the second quarter worth about $201,000. Highbridge Capital Management LLC acquired a new position in shares of Copart during the second quarter worth about $206,000. Finally, TD Asset Management Inc. acquired a new position in shares of Copart during the second quarter worth about $211,000. 83.65% of the stock is currently owned by hedge funds and other institutional investors.
Copart (NASDAQ:CPRT) opened at 53.02 on Friday. The stock has a market capitalization of $5.81 billion, a PE ratio of 23.99 and a beta of 0.99. The stock’s 50 day moving average is $51.65 and its 200 day moving average is $47.28. Copart has a 12-month low of $32.26 and a 12-month high of $54.85.
Copart (NASDAQ:CPRT) last released its quarterly earnings results on Tuesday, September 20th. The company reported $0.59 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.04. Copart had a net margin of 21.25% and a return on equity of 31.42%. The business had revenue of $332.70 million for the quarter. During the same period last year, the company earned $0.41 earnings per share. Copart’s revenue for the quarter was up 17.9% compared to the same quarter last year. Analysts forecast that Copart will post $2.42 EPS for the current year.
Copart Company Profile
Copart, Inc is a provider of online auctions and vehicle remarketing services in the United States, Canada, the United Kingdom, the United Arab Emirates, Oman, Bahrain and Brazil. The Company also provides vehicle remarketing services in Germany and Spain. It provides vehicle sellers with services to process and sell vehicles primarily over the Internet through its virtual bidding third generation Internet auction-style sales technology (VB3).
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