Copart (NASDAQ:CPRT) Sets New 1-Year Low – Should You Sell?

Copart, Inc. (NASDAQ:CPRT)’s share price hit a new 52-week low during trading on Thursday . The stock traded as low as $32.97 and last traded at $33.00, with a volume of 8784616 shares changing hands. The stock had previously closed at $34.05.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Zacks Research downgraded shares of Copart from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 24th. JPMorgan Chase & Co. decreased their price target on shares of Copart from $45.00 to $34.00 and set a “neutral” rating for the company in a report on Monday, February 23rd. Barclays reissued an “underweight” rating and set a $32.00 price objective (down from $33.00) on shares of Copart in a report on Monday, February 23rd. CJS Securities raised Copart to a “strong-buy” rating in a research report on Thursday, December 11th. Finally, Robert W. Baird set a $48.00 target price on Copart and gave the stock an “outperform” rating in a research note on Friday, February 20th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $44.40.

Copart Stock Down 3.1%

The stock has a 50-day moving average of $38.42 and a 200 day moving average of $41.11. The stock has a market cap of $31.79 billion, a PE ratio of 20.63 and a beta of 1.09.

Copart (NASDAQ:CPRT) last posted its quarterly earnings results on Thursday, February 19th. The business services provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.03). Copart had a return on equity of 16.68% and a net margin of 33.76%.The business had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the prior year, the business posted $0.40 earnings per share. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. On average, equities analysts anticipate that Copart, Inc. will post 1.57 EPS for the current year.

Insider Activity

In related news, CEO Jeffrey Liaw sold 25,137 shares of the firm’s stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $40.17, for a total transaction of $1,009,753.29. Following the completion of the transaction, the chief executive officer owned 55,970 shares of the company’s stock, valued at $2,248,314.90. This trade represents a 30.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 9.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Copart

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CPRT. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Copart by 13.9% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 371,603 shares of the business services provider’s stock valued at $16,711,000 after purchasing an additional 45,346 shares during the period. California Public Employees Retirement System grew its position in Copart by 89.0% during the second quarter. California Public Employees Retirement System now owns 2,548,275 shares of the business services provider’s stock valued at $125,044,000 after buying an additional 1,200,035 shares during the period. Principal Financial Group Inc. grew its position in Copart by 3.2% during the third quarter. Principal Financial Group Inc. now owns 40,175,058 shares of the business services provider’s stock valued at $1,806,674,000 after buying an additional 1,236,101 shares during the period. Yacktman Asset Management LP purchased a new position in Copart in the third quarter valued at $3,382,000. Finally, Comgest Global Investors S.A.S. increased its holdings in Copart by 7.2% in the third quarter. Comgest Global Investors S.A.S. now owns 3,181,919 shares of the business services provider’s stock valued at $143,091,000 after buying an additional 212,520 shares in the last quarter. 85.78% of the stock is owned by institutional investors and hedge funds.

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.