Copart (NASDAQ:CPRT) Upgraded at Hsbc Global Res

Hsbc Global Res upgraded shares of Copart (NASDAQ:CPRT) from a hold rating to a strong-buy rating in a report issued on Thursday morning,Zacks.com reports.

A number of other research analysts also recently weighed in on the company. Robert W. Baird dropped their price target on Copart from $64.00 to $55.00 and set an “outperform” rating on the stock in a research note on Thursday, July 17th. JPMorgan Chase & Co. dropped their price target on Copart from $60.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, May 23rd. HSBC set a $62.00 price target on Copart and gave the stock a “buy” rating in a research note on Thursday. Finally, Stephens dropped their price target on Copart from $50.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $54.50.

Copart Stock Performance

Shares of CPRT opened at $48.57 on Thursday. Copart has a 52-week low of $45.05 and a 52-week high of $64.38. The business’s 50 day moving average price is $47.47 and its two-hundred day moving average price is $52.77. The firm has a market cap of $46.96 billion, a PE ratio of 30.36 and a beta of 1.03.

Copart (NASDAQ:CPRT) last issued its quarterly earnings results on Thursday, September 4th. The business services provider reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.04. Copart had a return on equity of 18.65% and a net margin of 33.41%.The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period in the previous year, the firm earned $0.33 earnings per share. The company’s revenue was up 2.9% compared to the same quarter last year. Research analysts predict that Copart will post 1.57 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Jeffrey Liaw sold 24,088 shares of the business’s stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $46.43, for a total value of $1,118,405.84. Following the transaction, the chief executive officer owned 31,527 shares in the company, valued at $1,463,798.61. The trade was a 43.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 9.68% of the company’s stock.

Hedge Funds Weigh In On Copart

Hedge funds and other institutional investors have recently modified their holdings of the business. Western Pacific Wealth Management LP raised its holdings in shares of Copart by 6.5% in the 1st quarter. Western Pacific Wealth Management LP now owns 2,838 shares of the business services provider’s stock worth $161,000 after purchasing an additional 173 shares during the period. Blue Trust Inc. raised its holdings in shares of Copart by 13.1% in the 1st quarter. Blue Trust Inc. now owns 1,510 shares of the business services provider’s stock worth $85,000 after purchasing an additional 175 shares during the period. Western Wealth Management LLC raised its holdings in shares of Copart by 4.0% in the 1st quarter. Western Wealth Management LLC now owns 4,985 shares of the business services provider’s stock worth $282,000 after purchasing an additional 192 shares during the period. Nixon Peabody Trust Co. raised its holdings in shares of Copart by 5.0% in the 1st quarter. Nixon Peabody Trust Co. now owns 4,108 shares of the business services provider’s stock worth $232,000 after purchasing an additional 195 shares during the period. Finally, FSM Wealth Advisors LLC raised its holdings in shares of Copart by 4.9% in the 1st quarter. FSM Wealth Advisors LLC now owns 4,649 shares of the business services provider’s stock worth $263,000 after purchasing an additional 218 shares during the period. Hedge funds and other institutional investors own 85.78% of the company’s stock.

About Copart

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.