Copart (NASDAQ:CPRT) Sets New 12-Month Low – Here’s Why

Shares of Copart, Inc. (NASDAQ:CPRT) reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $33.65 and last traded at $33.9290, with a volume of 742436 shares changing hands. The stock had previously closed at $33.97.

Analyst Upgrades and Downgrades

A number of analysts have commented on CPRT shares. JPMorgan Chase & Co. cut their price target on shares of Copart from $45.00 to $34.00 and set a “neutral” rating on the stock in a research report on Monday, February 23rd. Zacks Research downgraded Copart from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 24th. CJS Securities upgraded Copart to a “strong-buy” rating in a research report on Thursday, December 11th. 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. Finally, Barclays reiterated an “underweight” rating and issued a $32.00 target price (down from $33.00) on shares of Copart in a report on Monday, February 23rd. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $44.40.

Copart Stock Up 0.4%

The firm has a market capitalization of $32.84 billion, a P/E ratio of 21.31 and a beta of 1.09. The company’s 50 day moving average is $38.71 and its 200-day moving average is $41.43.

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

Insider Activity at Copart

In related news, CEO Jeffrey Liaw sold 25,137 shares of the business’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 completion of the sale, the chief executive officer directly owned 55,970 shares of the company’s stock, valued at $2,248,314.90. The trade was a 30.99% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 9.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CPRT. Hsbc Holdings PLC increased its holdings in shares of Copart by 12.3% during the fourth quarter. Hsbc Holdings PLC now owns 3,311,002 shares of the business services provider’s stock valued at $129,585,000 after acquiring an additional 361,417 shares in the last quarter. Reflection Asset Management bought a new position in shares of Copart in the 4th quarter worth $34,000. Tobam lifted its holdings in shares of Copart by 1,556.1% in the 4th quarter. Tobam now owns 22,192 shares of the business services provider’s stock worth $869,000 after purchasing an additional 20,852 shares in the last quarter. Pacer Advisors Inc. grew its position in Copart by 564.8% in the 4th quarter. Pacer Advisors Inc. now owns 2,523,773 shares of the business services provider’s stock valued at $98,806,000 after purchasing an additional 2,144,147 shares during the period. Finally, Copos Capital S.a r.l. acquired a new stake in Copart in the 4th quarter valued at $459,000. Institutional investors own 85.78% of the company’s stock.

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.