Copart (NASDAQ:CPRT) Stock Breaks Above 50 Day Moving Average - What's Next?

Key Points

• Copart shares broke above their 50-day moving average, reaching $30.38 and last trading at $30.13, though the price remained below the 200-day average of $32.44.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and a $37.80 price target; JPMorgan upgraded the stock to “overweight” and raised its target to $40.
• Copart’s latest quarter showed revenue of $1.15 billion, up 2.4% year over year and slightly above estimates, but earnings per share of $0.35 missed the $0.38 consensus forecast.

Copart, Inc. (NASDAQ:CPRT - Get Free Report)'s stock price crossed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $29.57 and traded as high as $30.38. Copart shares last traded at $30.13, with a volume of 13,446,355 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CPRT. Deutsche Bank Aktiengesellschaft set a $40.00 price target on Copart in a research report on Thursday, September 3rd. JPMorgan Chase & Co. upgraded Copart from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from $32.00 to $40.00 in a research report on Thursday, September 3rd. Weiss Ratings reiterated a "sell (d+)" rating on shares of Copart in a research report on Tuesday. Zacks Research raised Copart from a "strong sell" rating to a "hold" rating in a research note on Monday, September 7th. Finally, HSBC downgraded Copart from a "buy" rating to a "hold" rating and set a $36.00 target price for the company. in a report on Wednesday, September 16th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $37.80.

Copart Stock Up 2.0%

The company's fifty day moving average price is $29.57 and its 200-day moving average price is $32.44. The stock has a market capitalization of $27.91 billion, a PE ratio of 19.44, a price-to-earnings-growth ratio of 1.45 and a beta of 1.06.

Copart (NASDAQ:CPRT - Get Free Report) last posted its quarterly earnings results on Thursday, September 10th. The business services provider reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.03). Copart had a return on equity of 15.93% and a net margin of 31.81%. The company had revenue of $1.15 billion during the quarter, compared to analysts' expectations of $1.14 billion. During the same quarter in the previous year, the company earned $0.41 EPS. The business's quarterly revenue was up 2.4% on a year-over-year basis. Equities research analysts anticipate that Copart, Inc. will post 1.63 earnings per share for the current year.

Insider Buying and Selling at Copart

In other news, Director Diane Morefield sold 20,000 shares of Copart stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $27.66, for a total value of $553,200.00. Following the completion of the transaction, the director owned 50,000 shares of the company's stock, valued at $1,383,000. The trade was a 28.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 9.60% of the stock is owned by insiders.

Institutional Trading of Copart

Several institutional investors have recently bought and sold shares of the company. Covestor Ltd grew its position in Copart by 85.8% during the third quarter. Covestor Ltd now owns 5,157 shares of the business services provider's stock valued at $141,000 after buying an additional 2,382 shares during the period. Rakuten Investment Management Inc. increased its holdings in Copart by 7.2% during the third quarter. Rakuten Investment Management Inc. now owns 234,358 shares of the business services provider's stock valued at $6,360,000 after buying an additional 15,807 shares during the last quarter. Markel Group Inc. bought a new position in Copart in the third quarter worth approximately $273,000. Provenance Wealth Advisors LLC raised its position in Copart by 3,550.0% in the third quarter. Provenance Wealth Advisors LLC now owns 1,022 shares of the business services provider's stock worth $28,000 after acquiring an additional 994 shares during the period. Finally, First Nebraska Trust Co bought a new position in Copart in the third quarter worth approximately $2,933,000. 85.78% of the stock is owned by hedge funds and other institutional investors.

Copart Company Profile

Copart, Inc is a provider of online vehicle auction and remarketing services. The company operates a digital marketplace that connects vehicle sellers with a broad network of buyers, including licensed dismantlers, rebuilders, used-car dealers, exporters and individual consumers.

Copart primarily sells vehicles that have been damaged, declared total losses by insurers, repossessed, donated or otherwise designated for resale. Its services also include vehicle storage, transportation, towing coordination, title processing, inspection and auction support.

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