Barrington Research Weighs in on Copart, Inc.’s FY2023 Earnings (NASDAQ:CPRT)

Copart, Inc. (NASDAQ:CPRT – Get Rating) – Research analysts at Barrington Research boosted their FY2023 earnings estimates for shares of Copart in a note issued to investors on Monday, May 22nd. Barrington Research analyst G. Prestopino now anticipates that the business services provider will post earnings of $2.46 per share for the year, up from their previous estimate of $2.37. The consensus estimate for Copart’s current full-year earnings is $2.35 per share. Barrington Research also issued estimates for Copart’s Q4 2023 earnings at $0.63 EPS, Q3 2024 earnings at $0.78 EPS, Q4 2024 earnings at $0.67 EPS and FY2024 earnings at $2.70 EPS.

Other equities research analysts have also recently issued reports about the stock. Stephens reissued an “overweight” rating and issued a $78.00 price target on shares of Copart in a research report on Tuesday, February 21st. Northcoast Research cut shares of Copart from a “buy” rating to a “neutral” rating in a research report on Monday, May 1st. Robert W. Baird increased their target price on shares of Copart from $78.00 to $90.00 in a research note on Thursday, May 18th. Guggenheim increased their price target on shares of Copart from $75.00 to $82.00 and gave the stock a “buy” rating in a report on Wednesday, February 22nd. Finally, StockNews.com assumed coverage on shares of Copart in a report on Thursday, May 18th. They set a “buy” rating for the company. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $83.33.

Copart Trading Up 1.5 %

Copart stock opened at $87.75 on Wednesday. The stock has a market cap of $41.82 billion, a P/E ratio of 36.72 and a beta of 1.23. The company has a fifty day simple moving average of $77.88 and a 200-day simple moving average of $69.49. Copart has a 12-month low of $51.10 and a 12-month high of $89.79.

Copart (NASDAQ:CPRT – Get Rating) last released its quarterly earnings data on Wednesday, May 17th. The business services provider reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.08. The business had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Copart had a net margin of 30.72% and a return on equity of 22.80%. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.58 EPS.

Hedge Funds Weigh In On Copart

A number of hedge funds have recently made changes to their positions in CPRT. CI Investments Inc. raised its stake in shares of Copart by 1,003.8% in the 3rd quarter. CI Investments Inc. now owns 287 shares of the business services provider’s stock valued at $31,000 after acquiring an additional 261 shares during the period. Quarry LP bought a new stake in shares of Copart in the 1st quarter worth about $29,000. Core Alternative Capital boosted its holdings in shares of Copart by 235.6% in the 1st quarter. Core Alternative Capital now owns 396 shares of the business services provider’s stock valued at $30,000 after buying an additional 278 shares during the period. Janiczek Wealth Management LLC boosted its holdings in shares of Copart by 129.4% in the 4th quarter. Janiczek Wealth Management LLC now owns 406 shares of the business services provider’s stock valued at $25,000 after buying an additional 229 shares during the period. Finally, General Partner Inc. acquired a new position in shares of Copart in the 4th quarter valued at about $26,000. Institutional investors and hedge funds own 45.14% of the company’s stock.

Insider Transactions at Copart

In other news, Director Stephen Fisher sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $87.06, for a total transaction of $4,353,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Stephen Fisher sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $87.06, for a total transaction of $4,353,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas N. Tryforos sold 143,100 shares of the firm’s stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $88.39, for a total transaction of $12,648,609.00. Following the sale, the director now owns 16,900 shares in the company, valued at approximately $1,493,791. The disclosure for this sale can be found here. Corporate insiders own 11.19% of the company’s stock.

About Copart

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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.