Copart (NASDAQ:CPRT) Hits New 12-Month High – What’s Next?

Copart, Inc. (NASDAQ:CPRT)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $64.38 and last traded at $63.51, with a volume of 5355112 shares. The stock had previously closed at $63.80.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CPRT. JPMorgan Chase & Co. raised their target price on shares of Copart from $55.00 to $60.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. Robert W. Baird cut their target price on shares of Copart from $58.00 to $56.00 and set an “outperform” rating on the stock in a report on Thursday, September 5th.

Copart Stock Down 0.5 %

The firm has a market cap of $61.18 billion, a P/E ratio of 44.73 and a beta of 1.27. The firm’s fifty day moving average is $54.33 and its two-hundred day moving average is $53.30.

Copart (NASDAQ:CPRT) last released its quarterly earnings results on Wednesday, September 4th. The business services provider reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.03). The company had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.07 billion. Copart had a net margin of 31.92% and a return on equity of 18.96%. The business’s revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.34 EPS. As a group, sell-side analysts forecast that Copart, Inc. will post 1.57 EPS for the current year.

Hedge Funds Weigh In On Copart

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. lifted its position in Copart by 335.8% during the third quarter. Franklin Resources Inc. now owns 2,705,354 shares of the business services provider’s stock valued at $149,471,000 after buying an additional 2,084,626 shares during the period. Peapack Gladstone Financial Corp raised its position in shares of Copart by 6.5% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 104,650 shares of the business services provider’s stock worth $5,484,000 after purchasing an additional 6,385 shares during the last quarter. Tidal Investments LLC raised its position in shares of Copart by 7.8% in the 3rd quarter. Tidal Investments LLC now owns 88,324 shares of the business services provider’s stock worth $4,628,000 after purchasing an additional 6,421 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Copart in the 3rd quarter worth about $317,000. Finally, Sanctuary Advisors LLC raised its position in shares of Copart by 21.2% in the 3rd quarter. Sanctuary Advisors LLC now owns 52,767 shares of the business services provider’s stock worth $2,765,000 after purchasing an additional 9,222 shares during the last quarter. Hedge funds and other institutional investors own 85.78% of the company’s stock.

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.