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

Copart (NASDAQ:CPRT) announced its quarterly earnings data on Thursday. The business services provider reported $0.43 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $1.19 billion.

Copart Stock Up 4.1%

Shares of Copart stock traded up $1.36 during mid-day trading on Thursday, hitting $34.40. The stock had a trading volume of 16,563,719 shares, compared to its average volume of 8,892,729. The firm has a 50-day moving average of $33.35 and a two-hundred day moving average of $37.29. Copart has a 12-month low of $32.20 and a 12-month high of $61.24. The firm has a market cap of $33.14 billion, a P/E ratio of 21.50 and a beta of 1.02.

Insider Buying and Selling at Copart

In other news, CEO Jeffrey Liaw sold 26,213 shares of the stock in a transaction that occurred 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 sale, the chief executive officer owned 79,532 shares of the company’s stock, valued at $2,638,871.76. This represents a 24.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 9.60% of the stock is currently owned by company insiders.

Institutional Trading of Copart

Hedge funds have recently made changes to their positions in the company. Brighton Jones LLC boosted its position in Copart by 92.1% in the 4th quarter. Brighton Jones LLC now owns 14,215 shares of the business services provider’s stock valued at $816,000 after buying an additional 6,817 shares during the period. Safe Harbor Fiduciary LLC purchased a new position in Copart in the 4th quarter valued at approximately $118,000. Atlas Capital Advisors Inc. purchased a new position in Copart in the 4th quarter valued at approximately $143,000. Parkside Financial Bank & Trust boosted its position in Copart by 11.5% in the 4th quarter. Parkside Financial Bank & Trust now owns 2,793 shares of the business services provider’s stock valued at $109,000 after buying an additional 288 shares during the period. Finally, Federated Hermes Inc. boosted its position in Copart by 256.3% in the 4th quarter. Federated Hermes Inc. now owns 4,073 shares of the business services provider’s stock valued at $159,000 after buying an additional 2,930 shares during the period. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Analyst Ratings Changes

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