Copart Inc. (CPRT) Upgraded at Bank of America Corp.
Copart Inc. (NASDAQ:CPRT) was upgraded by analysts at Bank of America Corp. to a “buy” rating in a research note issued on Friday.
Several other equities research analysts also recently weighed in on the company. Zacks Investment Research raised Copart from a “hold” rating to a “strong-buy” rating and set a $58.00 price objective for the company in a report on Wednesday, August 3rd. Northcoast Research downgraded Copart from a “buy” rating to a “neutral” rating in a report on Thursday, August 25th. Jefferies Group reissued a “hold” rating on shares of Copart in a report on Thursday, August 4th. Susquehanna started coverage on Copart in a report on Thursday, August 25th. They issued a “neutral” rating and a $53.00 price objective for the company. Finally, JPMorgan Chase & Co. increased their price objective on Copart from $43.00 to $50.00 and gave the company a “neutral” rating in a report on Friday, May 27th. Eight analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $52.40.
Shares of Copart (NASDAQ:CPRT) opened at 52.87 on Friday. Copart has a one year low of $32.26 and a one year high of $54.85. The company has a 50-day moving average of $51.21 and a 200 day moving average of $46.79. The stock has a market cap of $5.78 billion, a price-to-earnings ratio of 27.15 and a beta of 0.99.
Copart (NASDAQ:CPRT) last announced its quarterly earnings results on Tuesday, September 20th. The company reported $0.59 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.04. The company had revenue of $332.70 million for the quarter. Copart had a net margin of 21.25% and a return on equity of 31.42%. The business’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.41 earnings per share. On average, equities analysts forecast that Copart will post $2.35 earnings per share for the current fiscal year.
In other Copart news, SVP Paul A. Styer sold 7,640 shares of the stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $49.26, for a total value of $376,346.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Robert H. Vannuccini sold 12,577 shares of the stock in a transaction on Thursday, July 14th. The stock was sold at an average price of $49.96, for a total value of $628,346.92. Following the completion of the transaction, the senior vice president now owns 9,703 shares of the company’s stock, valued at approximately $484,761.88. The disclosure for this sale can be found here. Corporate insiders own 19.40% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Advisor Group Inc. acquired a new position in Copart during the second quarter valued at about $143,000. Skandinaviska Enskilda Banken AB publ acquired a new position in Copart during the second quarter valued at about $201,000. Mackenzie Financial Corp acquired a new position in Copart during the second quarter valued at about $201,000. Highbridge Capital Management LLC acquired a new position in Copart during the second quarter valued at about $206,000. Finally, Ancora Inverness LLC acquired a new position in Copart during the first quarter valued at about $207,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.
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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