Copart, Inc. (NASDAQ:CPRT) Short Interest Update

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Copart, Inc. (NASDAQ:CPRT) saw a significant decrease in short interest in August. As of August 31st, there was short interest totalling 4,475,600 shares, a decrease of 14.5% from the July 31st total of 5,231,800 shares. Based on an average daily trading volume, of 1,250,000 shares, the days-to-cover ratio is currently 3.6 days. Currently, 2.2% of the company’s shares are sold short.

In other news, CEO A Jayson Adair sold 179,461 shares of the company’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $74.54, for a total value of $13,377,022.94. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider William E. Franklin sold 41,007 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $77.37, for a total value of $3,172,711.59. Following the completion of the transaction, the insider now owns 58,974 shares in the company, valued at approximately $4,562,818.38. The disclosure for this sale can be found here. Insiders sold a total of 264,465 shares of company stock worth $19,837,190 in the last quarter. 15.99% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently bought and sold shares of the company. Capital Investment Advisory Services LLC bought a new position in Copart in the second quarter worth $29,000. Icon Wealth Partners LLC bought a new position in shares of Copart during the first quarter valued at $34,000. Griffin Asset Management Inc. bought a new position in shares of Copart during the second quarter valued at $34,000. Cordasco Financial Network lifted its holdings in shares of Copart by 170.7% during the second quarter. Cordasco Financial Network now owns 471 shares of the business services provider’s stock valued at $35,000 after acquiring an additional 297 shares during the period. Finally, Redhawk Wealth Advisors Inc. bought a new position in shares of Copart during the second quarter valued at $37,000. 82.22% of the stock is owned by institutional investors.

CPRT has been the topic of a number of research reports. JPMorgan Chase & Co. increased their price objective on Copart from $62.00 to $71.00 and gave the stock an “underweight” rating in a report on Friday, September 6th. SunTrust Banks increased their price target on Copart to $78.00 and gave the company a “buy” rating in a report on Friday, May 24th. Robert W. Baird set a $85.00 price target on Copart and gave the company a “buy” rating in a report on Friday, September 6th. Zacks Investment Research upgraded Copart from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a report on Monday, May 27th. Finally, Guggenheim downgraded Copart from a “buy” rating to a “neutral” rating and set a $67.07 price target on the stock. in a report on Friday, May 17th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company’s stock. Copart has an average rating of “Hold” and a consensus target price of $75.21.

Shares of CPRT traded up $0.34 during mid-day trading on Thursday, hitting $81.09. The company’s stock had a trading volume of 33,565 shares, compared to its average volume of 1,314,701. Copart has a one year low of $44.61 and a one year high of $83.55. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.99 and a current ratio of 2.07. The firm has a market capitalization of $18.85 billion, a PE ratio of 36.00, a price-to-earnings-growth ratio of 1.59 and a beta of 0.84. The stock’s 50-day moving average is $76.70 and its two-hundred day moving average is $69.86.

Copart (NASDAQ:CPRT) last posted its quarterly earnings data on Wednesday, September 4th. The business services provider reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.04. Copart had a return on equity of 33.84% and a net margin of 28.98%. The company had revenue of $542.60 million during the quarter, compared to analysts’ expectations of $517.84 million. During the same period in the prior year, the business earned $0.42 earnings per share. Copart’s revenue for the quarter was up 20.8% compared to the same quarter last year. Analysts expect that Copart will post 2.59 EPS for the current fiscal year.

Copart Company Profile

Copart, Inc provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology on behalf of vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as individual owners.

Further Reading: Limitations of the P/E Growth ratio

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