Copart Inc. (CPRT) Sets New 1-Year High at $50.37
Copart Inc. (NASDAQ:CPRT) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $50.37 and last traded at $49.99, with a volume of 210,378 shares. The stock had previously closed at $49.85.
Several equities research analysts have recently issued reports on CPRT shares. Zacks Investment Research upgraded Copart from a “hold” rating to a “strong-buy” rating and set a $56.00 price objective on the stock in a report on Monday, May 30th. Bank of America Corp. cut Copart from a “buy” rating to a “neutral” rating in a report on Monday, March 21st. Gabelli started coverage on Copart in a report on Tuesday, April 5th. They set a “hold” rating and a $46.00 price objective on the stock. Jefferies Group restated a “hold” rating and set a $53.00 price objective (up previously from $40.00) on shares of Copart in a report on Friday, May 27th. Finally, JPMorgan Chase & Co. raised their price objective on Copart from $43.00 to $50.00 and gave the stock a “neutral” rating in a report on Friday, May 27th. Five analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $51.25.
The stock has a market cap of $5.47 billion and a price-to-earnings ratio of 25.69. The firm has a 50-day moving average of $48.65 and a 200 day moving average of $41.39.
Copart (NASDAQ:CPRT) last announced its earnings results on Wednesday, May 25th. The company reported $0.64 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.10. The firm had revenue of $247.20 million for the quarter, compared to the consensus estimate of $321.16 million. During the same period in the previous year, the firm earned $0.44 EPS. Copart’s revenue for the quarter was up 16.9% on a year-over-year basis. On average, equities research analysts predict that Copart Inc. will post $2.07 earnings per share for the current fiscal year.
In other Copart news, Director Steven D. Cohan sold 160,000 shares of the company’s stock in a transaction on Friday, May 27th. The stock was sold at an average price of $48.85, for a total value of $7,816,000.00. Following the transaction, the director now owns 40,012 shares of the company’s stock, valued at $1,954,586.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Paul A. Styer sold 7,640 shares of the company’s stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $49.26, for a total value of $376,346.40. The disclosure for this sale can be found here.
Several hedge funds and institutional investors recently bought and sold shares of the stock. Russell Frank Co boosted its position in Copart by 848.1% in the fourth quarter. Russell Frank Co now owns 231,492 shares of the company’s stock valued at $8,823,000 after buying an additional 207,075 shares in the last quarter. Quantitative Investment Management LLC purchased a new position in Copart during the fourth quarter valued at $4,108,000. Liberty Mutual Group Asset Management Inc. boosted its position in Copart by 51.4% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 70,546 shares of the company’s stock valued at $2,682,000 after buying an additional 23,938 shares during the last quarter. Morgan Stanley boosted its position in Copart by 40.3% in the fourth quarter. Morgan Stanley now owns 532,314 shares of the company’s stock valued at $20,233,000 after buying an additional 152,810 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its position in Copart by 2.0% in the fourth quarter. Wells Fargo & Company MN now owns 1,265,957 shares of the company’s stock valued at $48,119,000 after buying an additional 25,430 shares during the last quarter.
Copart, Inc is a provider of online auctions and vehicle remarketing services in the United States, Canada, the United Kingdom, the United Arab Emirates, Oman, Bahrain and Brazil. The Company also provides vehicle remarketing services in Germany and Spain. It provides vehicle sellers with services to process and sell vehicles primarily over the Internet through its virtual bidding third generation Internet auction-style sales technology (VB3).
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