Copart (NASDAQ:CPRT) Reaches New 12-Month Low – Here’s What Happened

Copart, Inc. (NASDAQ:CPRT)’s share price reached a new 52-week low during trading on Tuesday . The company traded as low as $26.85 and last traded at $27.0690, with a volume of 657084 shares. The stock had previously closed at $27.49.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CPRT. Weiss Ratings downgraded Copart from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, May 1st. Zacks Research upgraded Copart from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Jefferies Financial Group set a $45.00 target price on Copart in a research report on Friday, May 22nd. Finally, Freedom Capital upgraded shares of Copart to a “strong-buy” rating in a research note on Friday, June 26th. Three analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $44.50.

Copart Trading Down 1.5%

The business’s 50 day simple moving average is $30.61 and its two-hundred day simple moving average is $34.36. The firm has a market capitalization of $25.07 billion, a PE ratio of 16.81 and a beta of 1.02.

Copart (NASDAQ:CPRT) last released its quarterly earnings results on Thursday, May 21st. The business services provider reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. Copart had a return on equity of 16.63% and a net margin of 33.48%.The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same period last year, the business posted $0.42 EPS. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. As a group, equities research analysts anticipate that Copart, Inc. will post 1.58 earnings per share for the current year.

Hedge Funds Weigh In On Copart

A number of institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp grew its position in Copart by 1.3% during the fourth quarter. State Street Corp now owns 37,555,437 shares of the business services provider’s stock valued at $1,470,295,000 after buying an additional 492,506 shares during the period. Capital World Investors boosted its stake in shares of Copart by 25.1% during the 4th quarter. Capital World Investors now owns 27,728,398 shares of the business services provider’s stock worth $1,085,588,000 after acquiring an additional 5,555,101 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Copart by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 23,255,161 shares of the business services provider’s stock valued at $906,836,000 after acquiring an additional 131,703 shares during the period. Bank of New York Mellon Corp grew its position in shares of Copart by 21.7% during the 4th quarter. Bank of New York Mellon Corp now owns 21,982,589 shares of the business services provider’s stock valued at $860,618,000 after acquiring an additional 3,918,610 shares during the period. Finally, Norges Bank purchased a new stake in shares of Copart in the 4th quarter worth $569,569,000. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Copart Company Profile

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.