Copart (NASDAQ:CPRT) Reaches New 52-Week Low - What's Next?

Key Points

• Copart's stock price hit a new 52-week low of $45.32, following a significant drop from a previous close of $46.28, with a trading volume of over 3.19 million shares.
• Several analysts have adjusted their target prices for Copart, with JPMorgan lowering their target to $55.00 while maintaining a "neutral" rating, signaling cautious sentiment towards the stock.
• CEO Jeffrey Liaw sold over 24,000 shares of Copart, representing a 43.31% decrease in his position, indicating potential concerns among top executives regarding the stock's performance.

Shares of Copart, Inc. (NASDAQ:CPRT - Get Free Report) hit a new 52-week low on Thursday . The stock traded as low as $45.47 and last traded at $45.32, with a volume of 3191766 shares traded. The stock had previously closed at $46.28.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. JPMorgan Chase & Co. dropped their price objective on Copart from $60.00 to $55.00 and set a "neutral" rating for the company in a research report on Friday, May 23rd. Robert W. Baird dropped their price objective on Copart from $64.00 to $55.00 and set an "outperform" rating for the company in a research report on Thursday, July 17th. Finally, Stephens assumed coverage on Copart in a research report on Tuesday, July 8th. They set an "equal weight" rating and a $50.00 price objective for the company.

Copart Price Performance

The stock has a market capitalization of $44.40 billion, a P/E ratio of 30.20 and a beta of 1.04. The firm has a 50-day simple moving average of $48.47 and a 200 day simple moving average of $54.57.

Copart (NASDAQ:CPRT - Get Free Report) last posted its earnings results on Thursday, May 22nd. The business services provider reported $0.42 EPS for the quarter, meeting the consensus estimate of $0.42. The firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.23 billion. Copart had a return on equity of 18.20% and a net margin of 32.21%. The business's quarterly revenue was up 7.5% on a year-over-year basis. During the same period last year, the company earned $0.39 earnings per share. Sell-side analysts anticipate that Copart, Inc. will post 1.57 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Copart news, CEO Jeffrey Liaw sold 24,088 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer directly owned 31,527 shares in the company, valued at approximately $1,463,798.61. This trade represents a 43.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 9.68% of the company's stock.

Hedge Funds Weigh In On Copart

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Copart by 2.1% in the first quarter. Vanguard Group Inc. now owns 104,263,922 shares of the business services provider's stock valued at $5,900,295,000 after buying an additional 2,134,890 shares during the period. Principal Financial Group Inc. increased its stake in shares of Copart by 3.3% in the first quarter. Principal Financial Group Inc. now owns 39,409,377 shares of the business services provider's stock valued at $2,230,177,000 after buying an additional 1,249,687 shares during the period. Edgewood Management LLC increased its stake in shares of Copart by 14.1% in the fourth quarter. Edgewood Management LLC now owns 23,463,118 shares of the business services provider's stock valued at $1,346,548,000 after buying an additional 2,907,405 shares during the period. Capital World Investors increased its stake in shares of Copart by 0.8% in the fourth quarter. Capital World Investors now owns 21,353,932 shares of the business services provider's stock valued at $1,225,502,000 after buying an additional 169,354 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of Copart by 15.9% in the first quarter. JPMorgan Chase & Co. now owns 15,345,768 shares of the business services provider's stock valued at $868,417,000 after buying an additional 2,106,656 shares during the period. 85.78% of the stock is currently owned by institutional investors.

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.