Copart (NASDAQ:CPRT) Raised to Strong-Buy at Hsbc Global Res

Key Points

• HSBC Global Research has upgraded Copart (NASDAQ: CPRT) from a "hold" to a "strong-buy" rating, indicating increased confidence in the company's stock.
• Despite the upgrade, several analysts have set lower price targets for Copart, with Robert W. Baird reducing its target from $64.00 to $55.00 while JPMorgan Chase decreased its target from $60.00 to $55.00.
• Copart's shares have a market capitalization of approximately $46.96 billion and reported a quarterly revenue of $1.13 billion, reflecting a 2.9% year-over-year increase.

Copart (NASDAQ:CPRT - Get Free Report) was upgraded by research analysts at Hsbc Global Res from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Other equities research analysts have also issued research reports about the company. Stephens dropped their target price on Copart from $50.00 to $46.00 and set an "equal weight" rating on the stock in a research report on Friday. HSBC set a $62.00 target price on Copart and gave the company a "buy" rating in a research report on Thursday. JPMorgan Chase & Co. lowered their price target on Copart from $60.00 to $55.00 and set a "neutral" rating on the stock in a research report on Friday, May 23rd. Finally, Robert W. Baird lowered their price target on Copart from $64.00 to $55.00 and set an "outperform" rating on the stock in a research report on Thursday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $54.50.

Copart Stock Performance

Copart stock traded up $0.18 during midday trading on Thursday, reaching $48.75. The stock had a trading volume of 12,156,731 shares, compared to its average volume of 6,181,600. The firm's fifty day simple moving average is $47.46 and its 200-day simple moving average is $52.67. Copart has a 1-year low of $45.05 and a 1-year high of $64.38. The stock has a market capitalization of $47.14 billion, a P/E ratio of 30.47 and a beta of 1.03.

Copart (NASDAQ:CPRT - Get Free Report) last announced its earnings results on Thursday, September 4th. The business services provider reported $0.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.37 by $0.04. Copart had a return on equity of 18.17% and a net margin of 33.41%.The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same quarter last year, the firm earned $0.33 EPS. Copart's revenue for the quarter was up 2.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Copart will post 1.57 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Jeffrey Liaw sold 24,088 shares of Copart stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $46.43, for a total transaction of $1,118,405.84. Following the completion of the transaction, the chief executive officer 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 SEC, which is accessible through this hyperlink. Insiders own 9.68% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Cloud Capital Management LLC acquired a new position in shares of Copart during the 1st quarter worth approximately $26,000. Sunbelt Securities Inc. acquired a new position in shares of Copart during the 4th quarter worth approximately $31,000. Atticus Wealth Management LLC acquired a new position in shares of Copart during the 2nd quarter worth approximately $31,000. Creekmur Asset Management LLC increased its holdings in shares of Copart by 1,063.0% during the 2nd quarter. Creekmur Asset Management LLC now owns 628 shares of the business services provider's stock worth $31,000 after acquiring an additional 574 shares during the last quarter. Finally, Ameritas Advisory Services LLC acquired a new position in shares of Copart during the 2nd quarter worth approximately $31,000. 85.78% of the stock is owned by institutional investors and hedge funds.

Copart Company Profile

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.