Copart (NASDAQ:CPRT) Cut to “Strong Sell” at Zacks Research

Zacks Research downgraded shares of Copart (NASDAQ:CPRT) from a hold rating to a strong sell rating in a research report released on Tuesday morning,Zacks.com reports.

A number of other research firms also recently issued reports on CPRT. Robert W. Baird set a $48.00 target price on shares of Copart and gave the company an “outperform” rating in a report on Friday, February 20th. JPMorgan Chase & Co. decreased their price target on shares of Copart from $45.00 to $34.00 and set a “neutral” rating on the stock in a report on Monday. Barclays restated an “underweight” rating and set a $32.00 price objective (down from $33.00) on shares of Copart in a report on Monday. Finally, CJS Securities upgraded Copart to a “strong-buy” rating in a report on Thursday, December 11th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $44.40.

Copart Trading Up 3.7%

Copart stock opened at $37.15 on Tuesday. The stock has a fifty day moving average price of $39.19 and a 200 day moving average price of $42.29. Copart has a 52 week low of $33.81 and a 52 week high of $63.85. The firm has a market capitalization of $35.96 billion, a P/E ratio of 23.22 and a beta of 1.08.

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

Insider Transactions at Copart

In other Copart news, CEO Jeffrey Liaw sold 25,137 shares of the firm’s stock in a transaction dated Thursday, January 15th. The stock was sold at an average price of $40.17, for a total value of $1,009,753.29. Following the transaction, the chief executive officer directly 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 9.60% of the company’s stock.

Institutional Investors Weigh In On Copart

Hedge funds have recently modified their holdings of the stock. Allworth Financial LP grew its position in Copart by 0.8% in the second quarter. Allworth Financial LP now owns 28,978 shares of the business services provider’s stock valued at $1,422,000 after acquiring an additional 228 shares in the last quarter. PDS Planning Inc grew its holdings in Copart by 4.9% during the 3rd quarter. PDS Planning Inc now owns 5,196 shares of the business services provider’s stock valued at $234,000 after purchasing an additional 242 shares in the last quarter. Hollencrest Capital Management grew its holdings in Copart by 13.2% during the 3rd quarter. Hollencrest Capital Management now owns 2,088 shares of the business services provider’s stock valued at $94,000 after purchasing an additional 244 shares in the last quarter. Unique Wealth LLC increased its stake in Copart by 2.3% during the 3rd quarter. Unique Wealth LLC now owns 10,785 shares of the business services provider’s stock worth $485,000 after buying an additional 245 shares during the period. Finally, Tobam boosted its position in Copart by 22.9% in the 2nd quarter. Tobam now owns 1,340 shares of the business services provider’s stock valued at $66,000 after buying an additional 250 shares during the last quarter. 85.78% of the stock is currently owned by hedge funds and other institutional investors.

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.