Copart (NASDAQ:CPRT) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Copart (NASDAQ:CPRT) issued its quarterly earnings data on Thursday. The business services provider reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.02, FiscalAI reports. Copart had a net margin of 33.76% and a return on equity of 16.68%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.19 billion.

Copart Stock Performance

Copart stock traded up $1.36 during mid-day trading on Thursday, reaching $34.40. The company’s stock had a trading volume of 16,593,143 shares, compared to its average volume of 8,933,191. The company has a market capitalization of $33.14 billion, a price-to-earnings ratio of 21.50 and a beta of 1.02. Copart has a 12 month low of $32.20 and a 12 month high of $61.24. The business’s 50 day simple moving average is $33.35 and its 200 day simple moving average is $37.29.

Insiders Place Their Bets

In related news, CEO Jeffrey Liaw sold 26,213 shares of the firm’s stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $33.18, for a total value of $869,747.34. Following the completion of the transaction, the chief executive officer owned 79,532 shares of the company’s stock, valued at approximately $2,638,871.76. This trade represents a 24.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 9.60% of the company’s stock.

Institutional Trading of Copart

Large investors have recently added to or reduced their stakes in the company. Triumph Capital Management lifted its stake in Copart by 424.2% in the fourth quarter. Triumph Capital Management now owns 1,017 shares of the business services provider’s stock valued at $40,000 after acquiring an additional 823 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in Copart by 365.8% in the first quarter. Geneos Wealth Management Inc. now owns 1,118 shares of the business services provider’s stock valued at $63,000 after acquiring an additional 878 shares during the last quarter. DV Equities LLC acquired a new stake in Copart in the fourth quarter valued at $48,000. Larson Financial Group LLC lifted its stake in Copart by 36.7% in the third quarter. Larson Financial Group LLC now owns 1,363 shares of the business services provider’s stock valued at $61,000 after acquiring an additional 366 shares during the last quarter. Finally, Zions Bancorporation National Association UT lifted its stake in Copart by 27.1% in the fourth quarter. Zions Bancorporation National Association UT now owns 2,292 shares of the business services provider’s stock valued at $90,000 after acquiring an additional 488 shares during the last quarter. Institutional investors and hedge funds own 85.78% of the company’s stock.

Wall Street Analysts Forecast Growth

CPRT has been the subject of several research reports. Robert W. Baird set a $48.00 price objective on shares of Copart and gave the stock an “outperform” rating in a research report on Friday, February 20th. Barclays reaffirmed an “underweight” rating and issued a $32.00 target price (down from $33.00) on shares of Copart in a research report on Monday, February 23rd. JPMorgan Chase & Co. decreased their target price on shares of Copart from $45.00 to $34.00 and set a “neutral” rating for the company in a research report on Monday, February 23rd. Weiss Ratings downgraded shares of Copart from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, May 1st. Finally, Zacks Research raised shares of Copart from a “strong sell” rating to a “hold” rating in a research report on Monday, April 27th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Copart presently has a consensus rating of “Hold” and an average target price of $44.40.

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.