Copart (NASDAQ:CPRT) Sets New 52-Week Low - Here's What Happened

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.

Copart, Inc. (NASDAQ:CPRT - Get Free Report)'s stock price reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $45.47 and last traded at $45.32, with a volume of 3191766 shares trading hands. The stock had previously closed at $46.28.

Wall Street Analyst Weigh In

CPRT has been the topic of a number of research analyst reports. JPMorgan Chase & Co. decreased their target price on Copart from $60.00 to $55.00 and set a "neutral" rating on the stock in a research note on Friday, May 23rd. Stephens started coverage on Copart in a report on Tuesday, July 8th. They set an "equal weight" rating and a $50.00 target price for the company. Finally, Robert W. Baird lowered their price target on Copart from $64.00 to $55.00 and set an "outperform" rating for the company in a research report on Thursday, July 17th.

Copart Stock Performance

The company has a market cap of $43.83 billion, a P/E ratio of 29.82 and a beta of 1.07. The stock has a 50-day moving average of $48.94 and a two-hundred day moving average of $54.74.

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

Insider Buying and Selling at Copart

In other news, CEO Jeffrey Liaw sold 24,088 shares of the firm's stock in a transaction on 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 sale, the chief executive officer owned 31,527 shares of the company's stock, valued at $1,463,798.61. This trade represents a 43.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 9.68% of the company's stock.

Hedge Funds Weigh In On Copart

A number of institutional investors have recently modified their holdings of the stock. Cloud Capital Management LLC purchased a new position in shares of Copart in the 1st quarter valued at about $26,000. Sunbelt Securities Inc. acquired a new stake in Copart in the 4th quarter worth about $31,000. Atticus Wealth Management LLC acquired a new stake in Copart in the 2nd quarter worth about $31,000. Ameritas Advisory Services LLC acquired a new stake in Copart in the 2nd quarter worth about $31,000. Finally, Accent Capital Management LLC acquired a new stake in Copart in the 1st quarter worth about $36,000. Hedge funds and other institutional investors own 85.78% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.