JPMorgan Chase & Co. Lowers Copart (NASDAQ:CPRT) Price Target to $34.00

Copart (NASDAQ:CPRT) had its price target cut by analysts at JPMorgan Chase & Co. from $45.00 to $34.00 in a report released on Monday,Benzinga reports. The firm presently has a “neutral” rating on the business services provider’s stock. JPMorgan Chase & Co.‘s price objective points to a potential downside of 4.76% from the company’s previous close.

Several other equities analysts have also issued reports on the company. CJS Securities raised Copart to a “strong-buy” rating in a research report on Thursday, December 11th. Barclays reiterated an “underweight” rating and set a $32.00 price target (down previously from $33.00) on shares of Copart in a report on Monday. Finally, Robert W. Baird set a $48.00 price target on shares of Copart and gave the company an “outperform” rating in a research report on Friday. Two 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 assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.40.

Copart Stock Down 2.1%

Shares of NASDAQ CPRT traded down $0.78 on Monday, reaching $35.70. 6,391,087 shares of the company’s stock traded hands, compared to its average volume of 9,285,996. The business’s 50 day simple moving average is $39.44 and its two-hundred day simple moving average is $42.53. Copart has a 12 month low of $33.81 and a 12 month high of $63.85. The company has a market cap of $34.56 billion, a price-to-earnings ratio of 22.35 and a beta of 1.08.

Copart (NASDAQ:CPRT) last posted its quarterly earnings results on Thursday, February 19th. The business services provider reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.03). The company had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Copart had a return on equity of 16.68% and a net margin of 33.76%.The business’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.40 EPS. Analysts forecast that Copart will post 1.57 earnings per share for the current fiscal year.

Insider Activity

In other Copart news, 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 completion of the sale, the chief executive officer directly owned 55,970 shares in the company, valued at $2,248,314.90. The trade was a 30.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Thomas N. Tryforos sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $39.07, for a total transaction of $3,907,000.00. The disclosure for this sale is available in the SEC filing. Company insiders own 9.60% of the company’s stock.

Hedge Funds Weigh In On Copart

Institutional investors and hedge funds have recently bought and sold shares of the stock. Allworth Financial LP raised its position in shares of Copart by 0.8% during the second quarter. Allworth Financial LP now owns 28,978 shares of the business services provider’s stock valued at $1,422,000 after buying an additional 228 shares during the last quarter. PDS Planning Inc boosted its position in shares of Copart by 4.9% during the third quarter. PDS Planning Inc now owns 5,196 shares of the business services provider’s stock worth $234,000 after acquiring an additional 242 shares during the last quarter. Hollencrest Capital Management grew its stake in Copart by 13.2% during the third quarter. Hollencrest Capital Management now owns 2,088 shares of the business services provider’s stock valued at $94,000 after acquiring an additional 244 shares in the last quarter. Unique Wealth LLC increased its holdings in Copart by 2.3% in the 3rd quarter. Unique Wealth LLC now owns 10,785 shares of the business services provider’s stock valued at $485,000 after acquiring an additional 245 shares during the last quarter. Finally, Tobam lifted its stake in Copart by 22.9% in the 2nd quarter. Tobam now owns 1,340 shares of the business services provider’s stock worth $66,000 after purchasing an additional 250 shares in the last quarter. 85.78% of the stock is currently owned by hedge funds and other institutional investors.

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.