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

Key Points

• Copart shares fell 3.2% to a new 52-week low of $26.72, below the stock’s 50-day and 200-day moving averages.
• Analysts maintain a generally positive outlook, with an average “Moderate Buy” rating and a $37.80 average price target, despite mixed recent recommendations.
• Copart’s latest quarterly results missed earnings expectations, reporting $0.35 EPS versus $0.38 expected, while revenue rose 2.4% year over year to $1.15 billion.

Copart, Inc. (NASDAQ:CPRT - Get Free Report)'s stock price hit a new 52-week low on Tuesday. The company traded as low as $26.72 and last traded at $26.8450, with a volume of 6088610 shares trading hands. The stock had previously closed at $27.65.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CPRT. Zacks Research upgraded shares of Copart from a "strong sell" rating to a "hold" rating in a report on Monday, September 7th. Deutsche Bank Aktiengesellschaft set a $40.00 price target on shares of Copart in a research report on Thursday, September 3rd. Barrington Research raised shares of Copart from a "market perform" rating to an "outperform" rating and set a $40.00 price target for the company in a report on Friday, September 11th. BNP Paribas Exane restated an "outperform" rating and issued a $43.00 price objective (up from $40.00) on shares of Copart in a research report on Monday, September 28th. Finally, Freedom Capital raised Copart to a "strong-buy" rating in a research note on Friday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $37.80.

Copart Trading Down 3.2%

The company has a market capitalization of $24.80 billion, a P/E ratio of 17.26, a PEG ratio of 1.32 and a beta of 1.06. The firm's 50 day moving average price is $30.56 and its two-hundred day moving average price is $31.18.

Copart (NASDAQ:CPRT - Get Free Report) last announced its quarterly earnings data on Thursday, September 10th. The business services provider reported $0.35 EPS for the quarter, missing analysts' consensus estimates of $0.38 by ($0.03). Copart had a return on equity of 15.93% and a net margin of 31.81%.The business had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the prior year, the firm earned $0.41 EPS. The business's revenue for the quarter was up 2.4% compared to the same quarter last year. Analysts anticipate that Copart, Inc. will post 1.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Jeffrey Liaw sold 27,745 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $30.49, for a total transaction of $845,945.05. Following the completion of the transaction, the chief executive officer directly owned 99,641 shares of the company's stock, valued at approximately $3,038,054.09. This represents a 21.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 9.60% of the company's stock.

Institutional Investors Weigh In On Copart

Institutional investors and hedge funds have recently made changes to their positions in the stock. Byrne Asset Management LLC bought a new position in shares of Copart in the third quarter valued at $25,000. Legacy Private Trust Co. raised its position in Copart by 98.0% during the third quarter. Legacy Private Trust Co. now owns 15,856 shares of the business services provider's stock worth $433,000 after acquiring an additional 7,849 shares in the last quarter. Rosenberg Matthew Hamilton acquired a new stake in Copart in the third quarter valued at $86,000. Acima Private Wealth LLC bought a new position in shares of Copart in the 3rd quarter valued at about $128,000. Finally, Olistico Wealth LLC bought a new position in shares of Copart in the 3rd quarter valued at about $132,000. Institutional investors own 85.78% of the company's stock.

About Copart

Copart, Inc is a global provider of online vehicle auction and remarketing services. The company primarily sells vehicles that have been damaged, totaled, recovered from theft, or otherwise deemed uneconomical to repair. Its customers include insurance companies, automobile dealers, dismantlers, rebuilders, exporters, rental and finance companies, and members of the general public.

Copart conducts auctions through its online VB3 platform, which connects buyers with vehicles listed at the company's facilities.

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