Copart, Inc. (CPRT) Reaches New 12-Month High on Better-Than-Expected Earnings

Shares of Copart, Inc. (NASDAQ:CPRT) reached a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $33.98 and last traded at $34.09, with a volume of 1,942,094 shares changing hands. The stock had previously closed at $32.54.

The business services provider reported $0.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.04. The business had revenue of $378.60 million during the quarter, compared to analysts’ expectations of $355.42 million. Copart had a net margin of 27.23% and a return on equity of 33.56%. The firm’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.31 EPS.

Several equities research analysts have weighed in on the stock. Robert W. Baird increased their price target on shares of Copart from $33.00 to $37.00 and gave the company an “outperform” rating in a research report on Thursday. Zacks Investment Research cut shares of Copart from a “hold” rating to a “sell” rating in a research report on Wednesday, August 2nd. Finally, Jefferies Group LLC reissued a “hold” rating and set a $33.00 price target on shares of Copart in a research report on Thursday, July 6th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $45.60.

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Copart by 103.5% in the 2nd quarter. Vanguard Group Inc. now owns 16,180,796 shares of the business services provider’s stock worth $514,387,000 after purchasing an additional 8,230,677 shares during the period. BlackRock Inc. lifted its position in shares of Copart by 103.6% in the 2nd quarter. BlackRock Inc. now owns 16,093,508 shares of the business services provider’s stock worth $511,611,000 after purchasing an additional 8,189,852 shares during the period. William Blair Investment Management LLC lifted its position in shares of Copart by 91.4% in the 2nd quarter. William Blair Investment Management LLC now owns 10,526,463 shares of the business services provider’s stock worth $334,636,000 after purchasing an additional 5,025,918 shares during the period. Lazard Asset Management LLC lifted its position in shares of Copart by 30.6% in the 2nd quarter. Lazard Asset Management LLC now owns 8,842,644 shares of the business services provider’s stock worth $281,107,000 after purchasing an additional 2,070,426 shares during the period. Finally, Principal Financial Group Inc. lifted its position in shares of Copart by 106.5% in the 2nd quarter. Principal Financial Group Inc. now owns 7,417,734 shares of the business services provider’s stock worth $235,810,000 after purchasing an additional 3,826,242 shares during the period. 79.74% of the stock is owned by hedge funds and other institutional investors.

The company has a 50 day moving average of $31.93 and a 200-day moving average of $36.82. The company has a market capitalization of $7.79 billion, a PE ratio of 19.50 and a beta of 1.19.

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Copart Company Profile

Copart, Inc (Copart) is a provider of online auctions and vehicle remarketing services in the United States, Canada, the United Kingdom, the United Arab Emirates, Oman, Bahrain, Brazil, Ireland, Spain and India. The Company also provides vehicle remarketing services in Germany. The Company operates through two segments: United States and International.

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